Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2024

Kemper Corporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-18298



DE						95-4255452
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)

200 E. Randolph Street, Suite 3300, Chicago, IL 60601

(Address of principal executive offices, including zip code)

312-661-4600

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2.below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	KMPR	NYSE
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062	KMPB	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


			Emerging Growth Company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of

the Exchange Act. ¨

Section 2. – Financial Information


Item 2.02.			Results of Operations and Financial Condition.

On October 30, 2024, Kemper Corporation ("Kemper" or the "Registrant") issued a press release announcing its financial results for the third quarter of 2024 and the availability of Kemper’s third quarter investor supplement and earnings call presentation on its website, kemper.com. The press release, the investor supplement and the earnings call presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this report.

Section 9. – Financial Statements and Exhibits.


Item 9.01.			Financial Statements and Exhibits.

(d) Exhibits

99.1 Registrant’s press release dated October 30, 2024.

99.2 Third Quarter 2024 Investor Supplement of Kemper Corporation.

99.3 Third Quarter 2024 Earnings Call Presentation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Kemper Corporation

Date:

October 30, 2024

/s/ BRADLEY T. CAMDEN

Bradley T. Camden

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Exhibit 99.1


			Kemper Corporation 200 East Randolph Street Suite 3300 Chicago, IL 60601 kemper.com



Press Release

Kemper Reports Third Quarter 2024 Operating Results*

CHICAGO, October 30, 2024 — Kemper Corporation (NYSE: KMPR) reported net income of $73.7 million, or $1.14 per diluted share, for the third quarter of 2024, compared to a net loss of $146.3 million, or $(2.28) per share, for the third quarter of 2023.

Adjusted Consolidated Net Operating Income1 was $105.0 million, or $1.62 per diluted share, for the third quarter of 2024, compared to Adjusted Consolidated Net Operating Loss1 of $27.8 million, or $(0.44) per share, for the third quarter of 2023.

Key themes of the quarter include:

•Delivered another quarter of strong financial results generating a 10.8% ROE and a 16.7% Adjusted ROE1

•Specialty P&C continues to demonstrate strong profitable growth; underlying combined ratio1 of 91.3%

•Specialty P&C achieved 4.5% sequential quarter PIF growth

•Life business continued to generate strong return on capital and distributable cash flows

•Parent liquidity remains strong at $1.3 billion; repurchased $25 million of stock, expect to retire $450 million of senior notes due February 2025

“We achieved another strong quarter of operating and financial results,” said Joseph P. Lacher, Jr., President and CEO. “This was led by our Specialty Auto business, which generated solid underwriting performance and sequential PIF growth. We are well positioned to continue to deliver on our promises and create long-term shareholder value.”

*NOTE: In third quarter 2023, the Company finalized the establishment of Kemper Reciprocal, an Illinois-domiciled reciprocal insurance exchange that began writing policies in September 2023. The results of Kemper Reciprocal are consolidated under US GAAP.

Unless specified otherwise, discussion of our third quarter 2024 results is focused on net income attributable to Kemper Corporation common shareholders, which does not include financial results from Kemper Reciprocal that are presented within the condensed consolidated financial results in this release.

1Non-GAAP financial measure. All Non-GAAP financial measures are denoted with footnote 1 throughout this release. See “Use of Non-GAAP Financial Measures” for additional information.


	Three Months Ended				Nine Months Ended
(Dollars in Millions, Except Per Share Amounts) (Unaudited)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Net Income (Loss)	$	73.7	$	(146.3)	$	220.4	$	(323.5)

Adjusted Consolidated Net Operating Income (Loss)1	$	105.0	$	(27.8)	$	266.4	$	(97.7)

Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Income (Loss)	$	(12.3)	$	(16.4)	$	(47.3)	$	(68.1)

Diluted Net Income (Loss) Per Share From:
Net Income (Loss)	$	1.14	$	(2.28)	$	3.40	$	(5.05)

Adjusted Consolidated Net Operating Income (Loss)1	$	1.62	$	(0.44)	$	4.11	$	(1.53)

Impact of Catastrophe Losses and Related LAE on Net Income (Loss) Per Share	$	(0.19)	$	(0.32)	$	(0.74)	$	(1.35)

Revenues

Total revenues for the third quarter of 2024 decreased $20.5 million, or 1.7 percent, to $1,178.9 million, compared to the third quarter of 2023, mostly driven by a $76.4 million decrease from our Preferred Insurance business, reported as Non-Core Operations, due primarily to lower volumes resulting from the decision to exit and run-off the business in the third quarter of 2023 as well as ongoing profit improvement actions. The decrease was partially offset by the absence of net realized losses on derivative transactions recorded in 2023 and a $28.6 million increase in Specialty Property & Casualty Insurance segment earned premiums driven by higher new business volumes and higher average earned premium per exposure resulting from rate increases.

Segment Results

Unless otherwise noted, (i) the segment results discussed below are presented on an after-tax basis, (ii) prior-year development includes both catastrophe and non-catastrophe losses and LAE, (iii) catastrophe losses and LAE exclude the impact of prior-year development, (iv) loss ratio includes loss and LAE, and (v) all comparisons are made to the prior year quarter unless otherwise stated.


	Three Months Ended				Nine Months Ended
(Dollars in Millions) (Unaudited)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance	$	103.6	$	(33.2)	$	275.1	$	(102.4)
Life Insurance	15.0		14.7		26.7		36.8
Total Segment Adjusted Net Operating Income (Loss)	118.6		(18.5)		301.8		(65.6)
Corporate and Other Adjusted Net Operating Loss	(15.1)		(9.4)		(39.0)		(32.2)
Less: Net Loss attributable to Noncontrolling Interest	(1.5)		(0.1)		(3.6)		(0.1)
Adjusted Consolidated Net Operating Income (Loss)1	105.0		(27.8)		266.4		(97.7)
Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(1.8)		2.3		(0.1)		5.5
Net Realized Investment Gains (Losses)	0.9		(22.9)		7.3		(30.3)
Impairment Losses	(1.7)		(0.8)		(3.0)		0.1
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(9.1)		(34.3)		(24.3)		(80.6)
Debt Extinguishment, Pension Settlement and Other Charges	(2.2)		(55.5)		(0.1)		(55.5)
Goodwill Impairment Charge	—		—		—		(45.5)
Non-Core Operations	(17.4)		(7.3)		(25.8)		(19.5)

Net Income (Loss) attributable to Kemper Corporation	$	73.7	$	(146.3)	$	220.4	$	(323.5)

The Specialty Property and Casualty Insurance segment reported adjusted net operating income of $103.6 million for the third quarter of 2024, compared to an adjusted net operating loss of $33.2 million in the third quarter of 2023. This increase was due primarily to lower adverse prior year development and an improvement in the Underlying Combined Ratio1. The segment’s Underlying Combined Ratio1 was 91.3 percent compared to 100.5 percent in the third quarter of 2023. The improvement was primarily driven by higher average earned premiums per exposure resulting from rate increases and lower underlying claim frequency.

The Life Insurance segment reported adjusted net operating income of $15.0 million for the third quarter of 2024, compared to an adjusted net operating income of $14.7 million in the third quarter of 2023.

Capital

Total Kemper Corporation Shareholders’ Equity at the end of the quarter was $2,773.3 million, an increase of $268.1 million, or 11 percent, since year-end 2023 primarily driven by net income for the year. Kemper and its direct non-insurance subsidiaries ended the quarter with cash and investments of $503.7 million, and $477.0 million of available borrowing capacity under the revolving credit agreement.

On August 6, 2024, Kemper announced that its Board of Directors declared a quarterly dividend of $0.31 per share, or $20.3 million. The dividend was paid on September 3, 2024, to its shareholders of record as of August 19, 2024.

Kemper ended the quarter with a book value per share of $43.30, an increase of 11 percent from $39.08 at the end of 2023. Adjusted book value per share1 was $27.88 at the end of the quarter, compared to $25.39 at the end of 2023.

Unaudited Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2024 and 2023 are presented below.


	Three Months Ended				Nine Months Ended
(Dollars in Millions, Except Per Share Amounts)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Revenues:
Earned Premiums (Changes in Deferred Profit Liability for the Three Months Ended: 2024 - $16.4; 2023 - $15.9 and Nine Months Ended: 2024 - $52.8; 2023 - $51.6)	$	1,068.5	$	1,117.8	$	3,134.1	$	3,465.6
Net Investment Income	111.1		107.0		304.5		315.1
Change in Value of Alternative Energy Partnership Investments	0.5		0.8		1.5		2.3
Other Income	2.2		2.4		6.4		5.3
Change in Fair Value of Equity and Convertible Securities	(2.3)		2.8		(0.1)		6.9
Net Realized Investment Gains (Losses)	1.1		(30.3)		9.2		(38.3)



Impairment Losses	(2.2)		(1.1)		(3.8)		0.1
Total Revenues	1,178.9		1,199.4		3,451.8		3,757.0
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits for the Three Months Ended: 2024 - $0.3; 2023 - $6.1 and Nine Months Ended: 2024 - $7.9; 2023 - $8.6)	769.3		975.2		2,269.7		3,011.9
Insurance Expenses	254.3		259.0		739.3		794.4

Interest and Other Expenses	64.6		156.0		173.6		311.7
Goodwill Impairment	—		—		—		49.6
Total Expenses	1,088.2		1,390.2		3,182.6		4,167.6
Income (Loss) before Income Taxes	90.7		(190.8)		269.2		(410.6)
Income Tax (Expense) Benefit	(18.5)		44.4		(52.4)		87.0
Net Income (Loss)	72.2		(146.4)		216.8		(323.6)




Less: Net Loss attributable to Noncontrolling Interest	(1.5)		(0.1)		(3.6)		(0.1)
Net Income (Loss) attributable to Kemper Corporation	$	73.7	$	(146.3)	$	220.4	$	(323.5)

Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic	$	1.15	$	(2.28)	$	3.43	$	(5.05)
Diluted	$	1.14	$	(2.28)	$	3.40	$	(5.05)

Weighted-average Outstanding (Shares in Thousands):
Unrestricted Shares - Basic	64,216.5		64,056.9		64,288.4		64,004.4
Unrestricted Shares and Equivalent Shares - Diluted	64,898.0		64,056.9		64,863.8		64,004.4

Dividends Paid to Shareholders per Share	$	0.31	$	0.31	$	0.93	$	0.93

Unaudited business segment revenues for the three and nine months ended September 30, 2024 and 2023 are presented below.


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
REVENUES:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile	$	731.3	$	724.0	$	2,098.1	$	2,278.5
Commercial Automobile	187.7		166.4		523.5		488.4
Total Earned Premiums	919.0		890.4		2,621.6		2,766.9
Net Investment Income	52.0		42.7		139.7		125.7
Change in Value of Alternative Energy Partnership Investments	0.2		0.5		0.8		1.3
Other Income	1.4		1.6		3.8		3.2
Total Specialty Property & Casualty Insurance Revenues	972.6		935.2		2,765.9		2,897.1
Life Insurance:
Earned Premiums:
Life	84.2		84.9		249.2		251.9
Accident & Health	5.6		5.8		16.8		17.5
Property	10.8		11.4		32.7		34.2
Total Earned Premiums	100.6		102.1		298.7		303.6
Net Investment Income	50.3		49.4		125.1		146.3
Change in Value of Alternative Energy Partnership Investments	0.2		0.2		0.4		0.6
Other Income (Loss)	—		(0.1)		0.3		(0.4)
Total Life Insurance Revenues	151.1		151.6		424.5		450.1
Total Segment Revenues	1,123.7		1,086.8		3,190.4		3,347.2
Change in Fair Value of Equity and Convertible Securities	(2.3)		2.8		(0.1)		6.9
Net Realized Investment Gains (Losses)	1.1		(30.3)		9.2		(38.3)
Net Impairment Losses Recognized in Earnings	(2.2)		(1.1)		(3.8)		0.1
Non-Core Operations	54.8		138.0		244.8		431.7
Other Income	3.8		3.2		11.3		9.4









Total Revenues	$	1,178.9	$	1,199.4	$	3,451.8	$	3,757.0

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024		Dec 31, 2023
Assets:
Investments:
Fixed Maturities at Fair Value	$	6,872.0	$	6,881.9
Equity Securities at Fair Value	228.3		225.8
Equity Method Limited Liability Investments	202.6		221.7
Alternative Energy Partnership Investments	17.4		17.3
Short-term Investments at Cost which Approximates Fair Value	696.9		520.9
Company-Owned Life Insurance	533.0		513.5
Loans to Policyholders	280.3		281.2
Other Investments	206.5		241.9
Total Investments	9,037.0		8,904.2
Cash	56.9		64.1
Receivables from Policyholders	982.8		959.5
Other Receivables	202.1		200.5
Deferred Policy Acquisition Costs	621.3		591.6
Goodwill	1,250.7		1,250.7
Current Income Tax Assets	68.8		64.5
Deferred Income Tax Assets	150.5		210.4

Other Assets	468.9		492.6
Assets of Consolidated Variable Interest Entity
Fixed Maturities at Fair Value	1.7		1.7

Short-term Investments at Cost which Approximates Fair Value	24.0		2.0
Receivables from Policyholders	6.6		0.7
Deferred Policy Acquisition Costs	0.7		0.1
Deferred Income Tax Assets	1.0		—
Other Assets	—		0.1
Total Assets	$	12,873.0	$	12,742.7

KEMPER CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024		Dec 31, 2023

Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life & Health	$	3,425.8	$	3,422.4
Property & Casualty	2,586.9		2,680.5
Total Insurance Reserves	6,012.7		6,102.9
Unearned Premiums	1,290.3		1,300.8
Policyholder Obligations	618.3		655.7
Deferred Income Tax Liabilities	67.1		50.6

Accrued Expenses and Other Liabilities	709.5		737.7
Long-term Debt, Current, at Amortized Cost	449.9		—
Long-term Debt, Non-current, at Amortized Cost	941.0		1,389.2
Liabilities of Consolidated Variable Interest Entity
Insurance Reserves	5.3		—
Unearned Premiums	8.1		0.5
Accrued Expenses and Other Liabilities	0.4		0.3
Total Liabilities	10,102.6		10,237.7
Kemper Corporation Shareholders’ Equity:
Common Stock	6.4		6.4
Paid-in Capital	1,858.0		1,845.3
Retained Earnings	1,161.4		1,014.3
Accumulated Other Comprehensive Loss	(252.5)		(360.8)
Total Kemper Corporation Shareholders’ Equity	2,773.3		2,505.2
Noncontrolling Interest	(2.9)		(0.2)
Total Shareholders’ Equity	2,770.4		2,505.0
Total Liabilities and Shareholders’ Equity	$	12,873.0	$	12,742.7

Unaudited selected financial information for the Specialty Property & Casualty Insurance segment follows.


	Three Months Ended						Nine Months Ended
(Dollars in Millions)	Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023

Results of Operations
Net Premiums Written	$	938.0		$	733.0		$	2,736.5		$	2,585.7





Earned Premiums	$	919.0		$	890.4		$	2,621.6		$	2,766.9
Net Investment Income	52.0			42.7			139.7			125.7
Change in Value of Alternative Energy Partnership Investments	0.2			0.5			0.8			1.3
Other Income	1.4			1.6			3.8			3.2
Total Revenues	972.6			935.2			2,765.9			2,897.1
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	644.2			712.1			1,846.0			2,301.4
Catastrophe Losses and LAE	3.6			6.2			18.0			32.0
Prior Years:
Non-catastrophe Losses and LAE	(0.1)			78.8			4.4			135.4
Catastrophe Losses and LAE	0.2			(1.0)			0.8			(2.4)
Total Incurred Losses and LAE	647.9			796.1			1,869.2			2,466.4
Insurance Expenses	194.9			182.3			552.5			563.6

Segment Adjusted Operating Income (Loss)	129.8			(43.2)			344.2			(132.9)
Income Tax (Expense) Benefit	(26.2)			10.0			(69.1)			30.5
Total Segment Adjusted Net Operating Income (Loss)	$	103.6		$	(33.2)		$	275.1		$	(102.4)

Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	70.1		%	80.0		%	70.4		%	83.1		%
Current Year Catastrophe Losses and LAE Ratio	0.4			0.7			0.7			1.2
Prior Years Non-catastrophe Losses and LAE Ratio	—			8.8			0.2			4.9
Prior Years Catastrophe Losses and LAE Ratio	—			(0.1)			—			(0.1)
Total Incurred Loss and LAE Ratio	70.5			89.4			71.3			89.1
Insurance Expense Ratio	21.2			20.5			21.1			20.4
Combined Ratio	91.7		%	109.9		%	92.4		%	109.5		%

Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	70.1		%	80.0		%	70.4		%	83.1		%
Insurance Expense Ratio	21.2			20.5			21.1			20.4
Underlying Combined Ratio1	91.3		%	100.5		%	91.5		%	103.5		%

Non-GAAP Measure Reconciliation
Combined Ratio	91.7		%	109.9		%	92.4		%	109.5		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.4			0.7			0.7			1.2
Prior Years Non-catastrophe Losses and LAE Ratio	—			8.8			0.2			4.9
Prior Years Catastrophe Losses and LAE Ratio	—			(0.1)			—			(0.1)
Underlying Combined Ratio1	91.3		%	100.5		%	91.5		%	103.5		%

Unaudited selected financial information for the Life Insurance segment follows.


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023

Results of Operations





Earned Premiums	$	100.6	$	102.1	$	298.7	$	303.6
Net Investment Income	50.3		49.4		125.1		146.3
Change in Value of Alternative Energy Partnership Investments	0.2		0.2		0.4		0.6
Other Income (Loss)	—		(0.1)		0.3		(0.4)
Total Revenues	151.1		151.6		424.5		450.1
Policyholders’ Benefits and Incurred Losses and LAE	64.1		64.7		191.0		202.9
Insurance Expenses	69.0		69.4		202.9		204.8
Segment Adjusted Operating Income	18.0		17.5		30.6		42.4
Income Tax Expense	(3.0)		(2.8)		(3.9)		(5.6)
Total Segment Adjusted Net Operating Income	$	15.0	$	14.7	$	26.7	$	36.8

Use of Non-GAAP Financial Measures

Adjusted Consolidated Net Operating Income (Loss)1 is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of:

(i) Change in Fair Value of Equity and Convertible Securities;

(ii) Net Realized Investment Gains (Losses);

(iii) Impairment Losses;

(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;

(v) Debt Extinguishment, Pension Settlement and Other Charges;

(vi) Goodwill Impairment Charges;

(vii) Non-Core Operations; and

(viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation. There were no applicable significant non-recurring items that Kemper excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss)1 for the three and nine months ended September 30, 2024 or 2023.

Kemper believes that Adjusted Consolidated Net Operating Income (Loss)1 provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) and Impairment Losses related to investments included in Kemper’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of Kemper’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by Kemper’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by Kemper, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges

are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of Kemper’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of Kemper’s businesses.

A reconciliation of Net Income (Loss) attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (Loss)1 for the three and nine months ended September 30, 2024 and 2023 is presented below.


	Three Months Ended				Nine Months Ended
(Dollars in Millions) (Unaudited)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023


Net Income (Loss) attributable to Kemper Corporation	$	73.7	$	(146.3)	$	220.4	$	(323.5)
Less Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(1.8)		2.3		(0.1)		5.5
Net Realized Investment Gains (Losses)	0.9		(22.9)		7.3		(30.3)
Impairment Losses	(1.7)		(0.8)		(3.0)		0.1
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(9.1)		(34.3)		(24.3)		(80.6)
Debt Extinguishment, Pension Settlement and Other Charges	(2.2)		(55.5)		(0.1)		(55.5)
Goodwill Impairment Charge	—		—		—		(45.5)
Non-Core Operations	(17.4)		(7.3)		(25.8)		(19.5)

Adjusted Consolidated Net Operating Income (Loss)1	$	105.0	$	(27.8)	$	266.4	$	(97.7)

Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1 is a non-GAAP financial measure computed by dividing Adjusted Net Operating Income (Loss)1 attributed to unrestricted shares by the weighted-average unrestricted shares and equivalent shares outstanding. The most directly comparable GAAP financial measure is Diluted Net Loss per Unrestricted Share.

A reconciliation of Diluted Net Income (Loss) per Unrestricted Share to Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1 for the three and nine months ended September 30, 2024 and 2023 is presented below.


	Three Months Ended				Nine Months Ended
(Unaudited)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Diluted Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share	$	1.14	$	(2.28)	$	3.40	$	(5.05)
Less Net (Loss) Income per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	(0.02)		0.04		—		0.09
Net Realized Investment Gains (Losses)	0.01		(0.35)		0.12		(0.47)
Impairment Losses	(0.03)		(0.01)		(0.05)		—
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(0.14)		(0.54)		(0.38)		(1.26)
Debt Extinguishment, Pension Settlement and Other Charges	(0.03)		(0.87)		—		(0.87)
Goodwill Impairment Charge	—		—		—		(0.71)
Non-Core Operations	(0.27)		(0.11)		(0.40)		(0.30)

Diluted Adjusted Net Operating Income (Loss) per Unrestricted Share1	$	1.62	$	(0.44)	$	4.11	$	(1.53)

Return on Adjusted Shareholders' Equity1 is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s net income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders’ Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. Kemper believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Return on Adjusted Shareholders’ Equity” metric was referred to as “Return on Tangible Shareholders’ Equity” in prior periods.

A reconciliation of Return on Shareholders’ Equity to Return on Adjusted Shareholders’ Equity1 is presented below:


	Three Months Ended				Nine Months Ended
(Dollars in Millions) (Unaudited)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation	$	294.8	$	(585.2)	$	293.9	$	(431.3)

Denominator:
Average Shareholders' Equity2	$	2,722.3	$	2,436.8	$	2,634.9	$	2,547.8

Less: Average Net Unrealized Gains and Losses on Fixed Maturities	570.8		770.3		573.5		707.9
Less: Average Change in Discount Rate on Future Life Policyholder Benefits	(275.4)		(303.6)		(245.9)		(250.7)
Less: Average Goodwill	(1,250.7)		(1,250.7)		(1,250.7)		(1,275.5)
Average Adjusted Shareholders' Equity2	$	1,767.0	$	1,652.8	$	1,711.8	$	1,729.5

Return on Shareholders' Equity:
Return on Shareholders' Equity	10.8%		(24.0)%		11.2%		(16.9)%
Return on Adjusted Shareholders' Equity1	16.7%		(35.4)%		17.2%		(24.9)%

2 Average shareholders' equity and average adjusted shareholders’ equity for the three and nine months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

Underlying Combined Ratio1 is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.

Kemper believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in Kemper’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause Kemper’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of Kemper’s insurance products in the current period. Kemper believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing Kemper’s underwriting performance.

Adjusted Book Value Per Share1 is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. Kemper uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. Kemper believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally

driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Adjusted Book Value Per Share” metric was referred to as “Tangible Book Value Per Share” in prior periods.

A reconciliation of Book Value Per Share to Adjusted Book Value Per Share1 is presented below:


	As of
(Dollars and Shares in Millions Except Per Share Amounts) (Unaudited)	Sep 30, 2024		Dec 31, 2023
Numerator:
Kemper Corporation Shareholders’ Equity	$	2,773.3	$	2,505.2

Less: Net Unrealized Gains and Losses on Fixed Maturities	455.8		533.8
Less: Change in Discount Rate on Future Life Policyholder Benefits	(192.9)		(160.6)
Less: Goodwill	(1,250.7)		(1,250.7)
Adjusted Shareholders’ Equity	$	1,785.5	$	1,627.7

Denominator:
Common Shares Issued and Outstanding	64.044		64.112

Book Value Per Share:
Book Value Per Share	$	43.30	$	39.08

Less: Net Unrealized Gains and Losses on Fixed Maturities	7.12		8.33
Less: Change in Discount Rate on Future Life Policyholder Benefits	(3.01)		(2.51)
Less: Goodwill	(19.53)		(19.51)
Adjusted Book Value Per Share1	$	27.88	$	25.39

Conference Call

Kemper will host its conference call to discuss third quarter 2024 results on Wednesday, October 30, at 5:00 p.m. Eastern (4:00 p.m. Central). The conference call will be accessible via the internet and by telephone at 800.549.8228, Conference ID 98917. To listen via webcast, register online at the investor section of kemper.com at least 15 minutes prior to the webcast to download and install any necessary software. A replay of the call will be available online at the investor section of kemper.com.

More detailed financial information can be found in Kemper’s Investor Financial Supplement and Earnings Call Presentation for the third quarter of 2024, which is available at the investor section of kemper.com.

About Kemper

The Kemper family of companies is one of the nation’s leading specialized insurers. With approximately $13 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves over 4.8 million policies, is represented by approximately 22,200 agents and brokers, and has approximately 7,500 associates dedicated to meeting the ever-changing needs of its customers.

Learn more about Kemper at kemper.com.

Caution Regarding Forward-Looking Statements

This press release may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:

•changes in the frequency and severity of insurance claims;

•claim development and the process of estimating claim reserves;

•the impacts of inflation;

•changes in the interest rate environment;

•supply chain disruption;

•product demand and pricing;

•effects of governmental and regulatory actions;

•litigation outcomes and trends;

•investment risks;

•cybersecurity risks or incidents;

•impact of catastrophes; and

•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).

Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this press release.

###


Contacts
Investors: Michael Marinaccio			312.661.4930 or investors@kemper.com
Media: Barbara Ciesemier			312.661.4521 or bciesemier@kemper.com

Investor Supplement

Third Quarter 2024

Caution Regarding Forward-Looking Statements

This Investor Supplement may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to:

•changes in the frequency and severity of insurance claims;

•claim development and the process of estimating claim reserves;

•the impacts of inflation;

•changes in the interest rate environment;

•supply chain disruption;

•product demand and pricing;

•effects of governmental and regulatory actions;

•litigation outcomes and trends;

•investment risks;

•cybersecurity risks or incidents;

•impact of catastrophes; and

•other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”).

Non-GAAP Financial Measures

This document contains non-GAAP financial measures to analyze the Company’s operating performance for the periods presented. Because the Company’s calculation of these measures may differ from similar measures used by other companies, investors should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. For detailed disclosures on non-GAAP financial measures please refer to the “Definitions of Non-GAAP Financial Measures” on pages 29-32.

Kemper Corporation

Investor Supplement

Third Quarter 2024

Table of Contents



			Page

Consolidated Financial Highlights			3-4
Consolidated Statements of Income (Loss)			5
Consolidated Balance Sheets			6-7
Consolidated Statements of Cash Flows			8-9
Capital Metrics			10
Debt Outstanding, Federal Home Loan Bank Advances and Ratings			11
Adjusted Segment Summary Results:
Revenues			12
Adjusted Operating Income (Loss)			13
Adjusted Net Operating Income (Loss)			13
Catastrophe Frequency and Severity			14-15
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information			16-17
Personal Automobile Insurance			18
Commercial Automobile Insurance			19





Life Insurance Segment - Results of Operations and Selected Financial Information			20-21



Expenses			22
Details of Investment Performance			23
Details of Invested Assets			24-25
Investment Concentration			26
Municipal Bond Securities			27
Investments in Limited Liability Companies and Limited Partnerships			28
Definitions of Non-GAAP Financial Measures			29-32


Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)

	Three Months Ended																					Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Sep 30, 2024			Sep 30, 2023
For Period Ended
Earned Premiums	$	1,068.5		$	1,033.7		$	1,031.9		$	1,063.8		$	1,117.8		$	1,166.9		$	1,180.9		$	3,134.1		$	3,465.6

Net Investment Income	111.1			93.0			100.4			104.6			107.0			106.3			101.8			304.5			315.1
Change in Value of Alternative Energy Partnership Investments	0.5			0.6			0.4			0.6			0.8			0.8			0.7			1.5			2.3
Other Income	2.2			2.4			1.8			1.9			2.4			1.7			1.2			6.4			5.3
Change in Fair Value of Equity and Convertible Securities	(2.3)			(1.2)			3.4			(2.2)			2.8			2.4			1.7			(0.1)			6.9
Net Realized Investment Gains (Losses)	(1.1)			1.4			5.1			18.5			(31.4)			(15.3)			8.5			5.4			(38.2)

Investment and Other Income	110.4			96.2			111.1			123.4			81.6			95.9			113.9			317.7			291.4
Total Revenues	$	1,178.9		$	1,129.9		$	1,143.0		$	1,187.2		$	1,199.4		$	1,262.8		$	1,294.8		$	3,451.8		$	3,757.0


Net Income (Loss)	$	72.2		$	74.4		$	70.2		$	51.3		$	(146.4)		$	(97.1)		$	(80.1)		$	216.8		$	(323.6)
Less: Net Loss attributable to Noncontrolling Interest	(1.5)			(1.0)			(1.1)			(0.1)			(0.1)			—			—			(3.6)			(0.1)
Net Income (Loss) attributable to Kemper Corporation	$	73.7		$	75.4		$	71.3		$	51.4		$	(146.3)		$	(97.1)		$	(80.1)		$	220.4		$	(323.5)



Adjusted Consolidated Net Operating Income (Loss)1	$	105.0		$	91.7		$	69.7		$	50.5		$	(27.8)		$	(14.2)		$	(55.7)		$	266.4		$	(97.7)

Per Unrestricted Common Share Amounts:
Basic:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:	$	1.15		$	1.17		$	1.11		$	0.80		$	(2.28)		$	(1.52)		$	(1.25)		$	3.43		$	(5.05)

Adjusted Consolidated Net Operating Income (Loss)1	$	1.63		$	1.43		$	1.08		$	0.79		$	(0.44)		$	(0.22)		$	(0.87)		$	4.14		$	(1.53)
Diluted:
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:	$	1.14		$	1.16		$	1.10		$	0.80		$	(2.28)		$	(1.52)		$	(1.25)		$	3.40		$	(5.05)

Adjusted Consolidated Net Operating Income (Loss)1	$	1.62		$	1.42		$	1.07		$	0.78		$	(0.44)		$	(0.22)		$	(0.87)		$	4.11		$	(1.53)


Dividends Paid to Shareholders Per Share	$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	0.31		$	0.93		$	0.93

Return on Shareholders' Equity	10.8		%	11.5		%	11.2		%	8.4		%	(24.0)		%	(15.1)		%	(12.1)		%	11.2		%	(16.9)		%
Return on Adjusted Shareholders' Equity1	16.7		%	17.6		%	17.2		%	12.7		%	(35.4)		%	(22.4)		%	(17.7)		%	17.2		%	(24.9)		%

1Non-GAAP Financial Measure. See pages 29-32 for definition.


Kemper Corporation Consolidated Financial Highlights (Dollars in Millions, Except Per Share Amounts) (Unaudited)

	As of
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
At Period End
Total Assets	$	12,873.0		$	12,544.3		$	12,625.9		$	12,742.7		$	12,549.3		$	13,096.3		$	13,403.7
Insurance Reserves	$	6,012.7		$	5,769.2		$	5,891.5		$	6,102.9		$	5,822.6		$	6,043.9		$	6,120.7
Debt	$	1,390.9		$	1,390.4		$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	$	2,773.3		$	2,671.2		$	2,589.8		$	2,505.2		$	2,361.3		$	2,512.2		$	2,646.9




Book Value Per Share2	$	43.30		$	41.46		$	40.24		$	39.08		$	36.85		$	39.22		$	41.37


Adjusted Book Value Per Share1,2	$	27.88		$	27.14		$	26.19		$	25.39		$	24.94		$	26.66		$	27.61
Debt to Total Capitalization2	33.4		%	34.2		%	34.9		%	35.7		%	37.0		%	35.6		%	34.4		%

1Non-GAAP Financial Measure. See pages 29-32 for definition.
2See Capital Metrics on page 10 for detail calculations.

Kemper Corporation

Consolidated Statements of Income (Loss)

(Dollars in Millions, Except Per Share Amounts)

(Unaudited)


	Three Months Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Revenues:
Earned Premiums	$	1,068.5	$	1,033.7	$	1,031.9	$	1,063.8	$	1,117.8	$	1,166.9	$	1,180.9	$	3,134.1	$	3,465.6
Net Investment Income	111.1		93.0		100.4		104.6		107.0		106.3		101.8		304.5		315.1
Change in Value of Alternative Energy Partnership Investments	0.5		0.6		0.4		0.6		0.8		0.8		0.7		1.5		2.3
Other Income	2.2		2.4		1.8		1.9		2.4		1.7		1.2		6.4		5.3
Change in Fair Value of Equity and Convertible Securities	(2.3)		(1.2)		3.4		(2.2)		2.8		2.4		1.7		(0.1)		6.9
Net Realized Investment Gains (Losses)	1.1		1.5		6.6		19.7		(30.3)		(14.4)		6.4		9.2		(38.3)



Impairment Losses	(2.2)		(0.1)		(1.5)		(1.2)		(1.1)		(0.9)		2.1		(3.8)		0.1
Total Revenues	1,178.9		1,129.9		1,143.0		1,187.2		1,199.4		1,262.8		1,294.8		3,451.8		3,757.0
Expenses:
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses	769.3		744.4		756.0		808.1		975.2		984.7		1,052.0		2,269.7		3,011.9
Insurance Expenses	254.3		244.3		240.7		258.0		259.0		266.1		269.3		739.3		794.4

Interest and Other Expenses	64.6		49.3		59.7		57.6		156.0		78.3		77.4		173.6		311.7
Goodwill Impairment	—		—		—		—		—		49.6		—		—		49.6
Total Expenses	1,088.2		1,038.0		1,056.4		1,123.7		1,390.2		1,378.7		1,398.7		3,182.6		4,167.6
Income (Loss) before Income Taxes	90.7		91.9		86.6		63.5		(190.8)		(115.9)		(103.9)		269.2		(410.6)
Income Tax (Expense) Benefit	(18.5)		(17.5)		(16.4)		(12.2)		44.4		18.8		23.8		(52.4)		87.0







Net Income (Loss)	72.2		74.4		70.2		51.3		(146.4)		(97.1)		(80.1)		216.8		(323.6)
Less: Net Loss attributable to Noncontrolling Interest	(1.5)		(1.0)		(1.1)		(0.1)		(0.1)		—		—		(3.6)		(0.1)
Net Income (Loss) attributable to Kemper Corporation	$	73.7	$	75.4	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)	$	220.4	$	(323.5)

Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
Basic	$	1.15	$	1.17	$	1.11	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)	$	3.43	$	(5.05)
Diluted	$	1.14	$	1.16	$	1.10	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)	$	3.40	$	(5.05)



Dividends Paid to Shareholders Per Share	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31	$	0.93	$	0.93
Weighted Average Unrestricted Common Shares Outstanding (in Millions)	64.217		64.395		64.255		64.088		64.057		64.009		63.947		64.288		64.004
Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in Millions)	64.898		64.892		64.773		64.566		64.057		64.009		63.947		64.864		64.004


Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023

Assets:
Investments:
Fixed Maturities at Fair Value	$	6,872.0	$	6,674.7	$	6,771.6	$	6,881.9	$	6,474.5	$	6,943.8	$	7,189.4
Equity Securities at Fair Value	228.3		226.6		230.1		225.8		233.4		247.0		243.6
Equity Method Limited Liability Investments	202.6		205.1		215.2		221.7		224.1		225.1		218.7
Alternative Energy Partnerships	17.4		17.3		17.2		17.3		17.2		16.8		17.0
Short-term Investments at Cost which Approximates Fair Value	696.9		539.1		520.7		520.9		418.5		406.3		278.4
Company-Owned Life Insurance	533.0		523.3		515.7		513.5		506.9		500.5		595.3
Loans to Policyholders	280.3		279.8		280.5		281.2		281.8		281.6		283.1
Other Investments	206.5		202.4		213.6		241.9		273.1		275.6		271.8
Total Investments	9,037.0		8,668.3		8,764.6		8,904.2		8,429.5		8,896.7		9,097.3
Cash	56.9		107.4		125.9		64.1		110.0		73.6		60.6
Receivables from Policyholders	982.8		988.0		953.1		959.5		1,102.6		1,246.3		1,344.0
Other Receivables	202.1		191.5		195.4		200.5		223.4		262.0		249.4
Deferred Policy Acquisition Costs	621.3		608.0		595.3		591.6		622.2		646.2		651.5
Goodwill	1,250.7		1,250.7		1,250.7		1,250.7		1,250.7		1,250.7		1,300.3
Current Income Tax Assets	68.8		56.5		52.6		64.5		59.5		9.0		15.0
Deferred Income Tax Assets	150.5		185.0		199.1		210.4		258.5		208.0		166.0

Other Assets	468.9		476.4		479.1		492.6		488.7		503.8		519.6
Assets of Consolidated Variable Interest Entity:
Fixed Maturities at Fair Value	1.7		1.6		1.7		1.7		1.6		—		—
Short-term Investments at Cost which Approximates Fair Value	24.0		4.8		4.0		2.0		—		—		—
Cash	—		—		0.8		—		2.4		—		—
Receivables from Policyholders	6.6		5.2		2.7		0.7		0.1		—		—
Deferred Policy Acquisition Costs	0.7		0.3		0.6		0.1		—		—		—

Deferred Income Tax Assets	1.0		0.6		—		—		—		—		—
Other Assets	—		—		0.3		0.1		0.1		—		—
Total Assets	$	12,873.0	$	12,544.3	$	12,625.9	$	12,742.7	$	12,549.3	$	13,096.3	$	13,403.7


Kemper Corporation Consolidated Balance Sheets (Dollars in Millions) (Unaudited)


	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023

Liabilities and Shareholders’ Equity:
Insurance Reserves:
Life and Health	$	3,425.8	$	3,202.0	$	3,294.3	$	3,422.4	$	3,098.1	$	3,363.8	$	3,399.6
Property and Casualty	2,586.9		2,567.2		2,597.2		2,680.5		2,724.5		2,680.1		2,721.1
Total Insurance Reserves	6,012.7		5,769.2		5,891.5		6,102.9		5,822.6		6,043.9		6,120.7
Unearned Premiums	1,290.3		1,301.5		1,274.1		1,300.8		1,485.1		1,665.2		1,778.0
Policyholder Obligations	618.3		644.4		660.9		655.7		656.3		700.2		700.6
Deferred Income Tax Liabilities	67.1		68.3		61.7		50.6		57.8		—		—

Accrued Expenses and Other Liabilities	709.5		693.8		754.8		737.7		777.6		786.7		770.0
Long-term Debt, Current, at Amortized Cost	449.9		449.8		449.7		—		—		—		—
Long-term Debt, Non-Current, at Amortized Cost	941.0		940.6		940.1		1,389.2		1,388.6		1,388.1		1,387.5
Liabilities of Consolidated Variable Interest Entity:
Insurance Reserves	5.3		2.4		0.7		—		—		—		—
Unearned Premiums	8.1		4.9		3.1		0.5		0.1		—		—
Accrued Expenses and Other Liabilities	0.4		0.1		0.6		0.3		—		—		—
Total Liabilities	10,102.6		9,875.0		10,037.2		10,237.7		10,188.1		10,584.1		10,756.8
Kemper Corporation Shareholders’ Equity:
Common Stock	6.4		6.4		6.4		6.4		6.4		6.4		6.4
Paid-in Capital	1,858.0		1,860.9		1,852.3		1,845.3		1,845.9		1,837.6		1,828.9
Retained Earnings	1,161.4		1,121.2		1,066.1		1,014.3		982.4		1,149.0		1,266.3
Accumulated Other Comprehensive Loss	(252.5)		(317.3)		(335.0)		(360.8)		(473.4)		(480.8)		(454.7)
Total Kemper Corporation Shareholders’ Equity	2,773.3		2,671.2		2,589.8		2,505.2		2,361.3		2,512.2		2,646.9
Noncontrolling Interest	(2.9)		(1.9)		(1.1)		(0.2)		(0.1)		—		—
Total Shareholders’ Equity	$	2,770.4	$	2,669.3	$	2,588.7	$	2,505.0	$	2,361.2	$	2,512.2	$	2,646.9
Total Liabilities and Shareholders’ Equity	$	12,873.0	$	12,544.3	$	12,625.9	$	12,742.7	$	12,549.3	$	13,096.3	$	13,403.7


Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
	Nine Months Ended
	Sep 30, 2024		Sep 30, 2023
Cash Flows from Operating Activities:
Net Income (Loss)	$	216.8	$	(323.6)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities
Net Realized Investment (Gains) Losses	(9.2)		38.3
Impairment Losses	3.8		(0.1)
Depreciation and Amortization of Property, Equipment and Software	33.3		39.1
Amortization of Intangible Assets Acquired	7.5		11.0
Settlement Related to Defined Benefit Pension Plan	(2.6)		70.2

Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments	24.7		(2.9)
Change in Value of Alternative Energy Partnership Investments	(1.5)		(2.3)
Change in Value of Equity and Convertible Securities	0.1		(6.9)
Goodwill Impairment	—		49.6
Changes in:
Receivables from Policyholders	(28.4)		184.0
Reinsurance Recoverables	4.6		11.6
Deferred Policy Acquisition Costs	(30.3)		13.4
Insurance Reserves	(43.1)		7.9
Unearned Premiums	(2.9)		(219.3)
Income Taxes	42.5		27.5
Other Assets and Liabilities	(7.5)		(2.0)
Net Cash Provided by (Used in) Operating Activities	207.8		(104.5)
Cash Flows from Investing Activities:
Proceeds from the Sales, Calls and Maturities of Fixed Maturities	929.2		529.8
Proceeds from the Sales or Paydowns of Investments:
Equity Securities	15.8		73.9

Mortgage Loans	96.5		68.9
Other Investments	10.9		11.2
Purchases of Investments:
Fixed Maturities	(792.2)		(362.7)
Equity Securities	(12.1)		(40.1)
Real Estate Investments	(0.9)		(0.8)

Mortgage Loans	(87.8)		(76.6)
Other Investments	(40.7)		(15.9)
Net Purchases of Short-term Investments	(184.1)		(136.5)


Acquisition of Software and Long-lived Assets	(43.5)		(39.1)
Settlement Proceeds from Company-Owned Life Insurance	6.2		102.2
Other	13.1		(9.1)
Net Cash (Used in) Provided by Investing Activities	(89.6)		105.2


Kemper Corporation Consolidated Statements of Cash Flows (Dollars in Millions) (Unaudited)
	Nine Months Ended
	Sep 30, 2024		Sep 30, 2023

Net Cash (Used in) Provided by Investing Activities (Carryforward from page 8)	$	(89.6)	$	105.2
Cash Flows from Financing Activities:





Proceeds from Policyholder Contract Obligations	62.8		123.3
Repayment of Policyholder Contract Obligations	(100.6)		(168.4)

Proceeds from Shares Issued under Employee Stock Purchase Plan	2.9		3.3
Common Stock Repurchases	(25.0)		—
Dividends Paid	(60.1)		(59.8)
Other	(5.4)		0.9
Net Cash Used in Financing Activities	(125.4)		(100.7)

Net increase (decrease) in cash1	(7.2)		(100.0)
Cash, Beginning of Year1	64.1		212.4
Cash, End of Period1	$	56.9	$	112.4
1Includes amounts attributable to Kemper Reciprocal reported as non-controlling interest.


Kemper Corporation Capital Metrics (Dollars and Shares in Millions, Except Per Share Amounts) (Unaudited)
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Book Value Per Share












Book Value Per Share	$	43.30		$	41.46		$	40.24		$	39.08		$	36.85		$	39.22		$	41.37


Adjusted Book Value Per Share1	$	27.88		$	27.14		$	26.19		$	25.39		$	24.94		$	26.66		$	27.61



Debt and Total Capitalization
Debt	$	1,390.9		$	1,390.4		$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5
Kemper Corporation Shareholders’ Equity	2,773.3			2,671.2			2,589.8			2,505.2			2,361.3			2,512.2			2,646.9
Total Capitalization	$	4,164.2		$	4,061.6		$	3,979.6		$	3,894.4		$	3,749.9		$	3,900.3		$	4,034.4
Ratio of Debt to Kemper Corporation Shareholders’ Equity	50.2		%	52.1		%	53.7		%	55.5		%	58.8		%	55.3		%	52.4		%
Ratio of Debt to Total Capitalization	33.4		%	34.2		%	34.9		%	35.7		%	37.0		%	35.6		%	34.4		%

Debt	$	1,390.9		$	1,390.4		$	1,389.8		$	1,389.2		$	1,388.6		$	1,388.1		$	1,387.5

Kemper Corporation Shareholders’ Equity	$	2,773.3		$	2,671.2		$	2,589.8		$	2,505.2		$	2,361.3		$	2,512.2		$	2,646.9
Less: Accumulated Other Comprehensive Loss	(252.5)			(317.3)			(335.0)			(360.8)			(473.4)			(480.8)			(454.7)
Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss	$	3,025.8		$	2,988.5		$	2,924.8		$	2,866.0		$	2,834.7		$	2,993.0		$	3,101.6
Total Capitalization Excluding Accumulated Other Comprehensive Loss	$	4,416.7		$	4,378.9		$	4,314.6		$	4,255.2		$	4,223.3		$	4,381.1		$	4,489.1
Ratio of Debt to Kemper Corporation Shareholders’ Equity Excluding Accumulated Other Comprehensive Loss	46.0		%	46.5		%	47.5		%	48.5		%	49.0		%	46.4		%	44.7		%
Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Loss	31.5		%	31.8		%	32.2		%	32.6		%	32.9		%	31.7		%	30.9		%

Parent Company Liquidity2
Kemper Holding Company Cash and Investments3	$	503.7		$	376.5		$	395.6		$	464.5		$	153.9		$	220.3		$	240.6
Borrowings Available Under Credit Agreement	477.0			458.0			424.0			393.0			376.0			460.0			520.0
Parent Company Liquidity	$	980.7		$	834.5		$	819.6		$	857.5		$	529.9		$	680.3		$	760.6

Capital Returned to Shareholders
Cash Dividends Paid4	$	20.3		$	20.3		$	19.5		$	20.2		$	20.2		$	20.2		$	19.4
1Non-GAAP Financial Measure. See pages 29-32 for definition.
2Excludes borrowings available from subsidiaries
3Includes Kemper's direct non-insurance subsidiaries
4Three Months Ended

Kemper Corporation

Debt Outstanding, Federal Home Loan Bank Advances and Ratings

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Kemper Corporation:
Senior Notes at Amortized Cost:
Current:
4.350% Senior Notes due February 15, 2025	$	449.9	$	449.8	$	449.7	$	—	$	—	$	—	$	—
Non-Current:
4.350% Senior Notes due February 15, 2025	$	—	$	—	$	—	$	449.6	$	449.6	$	449.5	$	449.4
2.400% Senior Notes due September 30, 2030	397.4		397.3		397.1		397.0		396.9		396.8		396.7
3.800% Senior Notes due 2032	396.3		396.2		396.1		396.0		395.8		395.7		395.6
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost	147.3		147.1		146.9		146.6		146.3		146.1		145.8
Long-term Debt Outstanding	$	1,390.9	$	1,390.4	$	1,389.8	$	1,389.2	$	1,388.6	$	1,388.1	$	1,387.5

Federal Home Loan Bank Advances to Insurance Subsidiaries:
Reported as Policyholder Contract Liabilities:

Federal Home Loan Bank of Chicago	$	521.3	$	547.0	$	563.2	$	557.4	$	557.4	$	601.0	$	601.0


	A.M. Best		Moody’s		S&P		Fitch
As of Date of Financial Supplement
Kemper Debt Ratings:
Senior Unsecured Debt	bbb-		Baa3		BBB-		BBB-
Junior Unsecured Debt	bb		Ba1		BB		BB
Insurance Company Financial Strength Ratings:
Trinity Universal Insurance Company	A-		A3		A-		A-
United Insurance Company of America	A-		A3		A-		A-

Kemper Corporation

Segment Revenues

(Dollars in Millions)

(Unaudited)


	Three Months Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums:
Personal Automobile	$	731.3	$	691.5	$	675.3	$	699.3	$	724.0	$	766.6	$	787.9	$	2,098.1	$	2,278.5
Commercial Automobile	187.7		171.1		164.7		166.3		166.4		165.7		156.3		523.5		488.4
Total Specialty Property & Casualty Insurance Earned Premiums	919.0		862.6		840.0		865.6		890.4		932.3		944.2		2,621.6		2,766.9
Net Investment Income	52.0		46.6		41.1		42.6		42.7		44.5		38.5		139.7		125.7
Change in Value of Alternative Energy Partnership Investments	0.2		0.3		0.3		0.3		0.5		0.4		0.4		0.8		1.3
Other Income	1.4		1.3		1.1		1.3		1.6		0.7		0.9		3.8		3.2
Total Specialty Property & Casualty Insurance Revenues	972.6		910.8		882.5		909.8		935.2		977.9		984.0		2,765.9		2,897.1
Life Insurance:




Earned Premium	100.6		100.8		97.3		84.0		102.1		102.2		99.3		298.7		303.6
Net Investment Income	50.3		30.5		44.3		47.1		49.4		47.1		49.8		125.1		146.3
Change in Value of Alternative Energy Partnership Investments	0.2		0.1		0.1		0.1		0.2		0.2		0.2		0.4		0.6
Other Income (Loss)	—		0.1		0.2		0.2		(0.1)		0.1		(0.4)		0.3		(0.4)
Total Life Insurance Revenues	151.1		131.5		141.9		131.4		151.6		149.6		148.9		424.5		450.1
Total Segment Revenues	1,123.7		1,042.3		1,024.4		1,041.2		1,086.8		1,127.5		1,132.9		3,190.4		3,347.2
Change in Fair Value of Equity and Convertible Securities	(2.3)		(1.2)		3.4		(2.2)		2.8		2.4		1.7		(0.1)		6.9
Net Realized Investment Gains (Losses)	1.1		1.5		6.6		19.7		(30.3)		(14.4)		6.4		9.2		(38.3)
Impairment Losses	(2.2)		(0.1)		(1.5)		(1.2)		(1.1)		(0.9)		2.1		(3.8)		0.1
Non-Core Operations	54.8		83.8		106.2		126.7		138.0		145.7		148.0		244.8		431.7
Other	3.8		3.6		3.9		3.0		3.2		2.5		3.7		11.3		9.4









Total Revenues	$	1,178.9	$	1,129.9	$	1,143.0	$	1,187.2	$	1,199.4	$	1,262.8	$	1,294.8	$	3,451.8	$	3,757.0

Kemper Corporation

Segment Adjusted Operating Results

(Dollars in Millions)

(Unaudited)


	Three Months Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Segment Adjusted Operating Income (Loss):
Specialty Property & Casualty Insurance	$	129.8	$	127.9	$	86.5	$	56.6	$	(43.2)	$	(15.0)	$	(74.7)	$	344.2	$	(132.9)
Life Insurance	18.0		(1.4)		14.0		19.9		17.5		10.1		14.8		30.6		42.4
Total Segment Adjusted Operating Income (Loss)	147.8		126.5		100.5		76.5		(25.7)		(4.9)		(59.9)		374.8		(90.5)

Corporate and Other Adjusted Operating Loss	(17.2)		(13.7)		(15.6)		(13.7)		(13.3)		(15.3)		(12.9)		(46.5)		(41.5)
Less: Loss before Income Taxes attributable to Noncontrolling Interest	(1.8)		(1.3)		(1.4)		(0.2)		(0.1)		—		—		(4.5)		(0.1)
Adjusted Consolidated Operating Income (Loss)	132.4		114.1		86.3		63.0		(38.9)		(20.2)		(72.8)		332.8		(131.9)
(Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(2.3)		(1.2)		3.4		(2.2)		2.8		2.4		1.7		(0.1)		6.9
Net Realized Investment Gains (Losses)	1.1		1.5		6.6		19.7		(30.3)		(14.4)		6.4		9.2		(38.3)
Impairment Losses	(2.2)		(0.1)		(1.5)		(1.2)		(1.1)		(0.9)		2.1		(3.8)		0.1
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(11.5)		(6.5)		(12.8)		(18.3)		(43.4)		(29.5)		(29.1)		(30.8)		(102.0)
Debt Extinguishment, Pension Settlement and Other Charges	(2.8)		2.7		—		—		(70.2)		—		—		(0.1)		(70.2)
Goodwill Impairment Charge	—		—		—		—		—		(49.6)		—		—		(49.6)
Non-Core Operations	(22.2)		(17.3)		6.0		2.7		(9.6)		(3.7)		(12.2)		(33.5)		(25.5)

Income (Loss) before Income Taxes attributable to Kemper Corporation	$	92.5	$	93.2	$	88.0	$	63.7	$	(190.7)	$	(115.9)	$	(103.9)	$	273.7	$	(410.5)

Segment Adjusted Net Operating Income (Loss):
Specialty Property & Casualty Insurance	$	103.6	$	102.3	$	69.2	$	45.3	$	(33.2)	$	(10.8)	$	(58.4)	$	275.1	$	(102.4)
Life Insurance	15.0		(0.2)		11.9		15.0		14.7		8.9		13.2		26.7		36.8
Total Segment Adjusted Net Operating Income (Loss)	118.6		102.1		81.1		60.3		(18.5)		(1.9)		(45.2)		301.8		(65.6)




Corporate and Other Adjusted Net Operating Loss	(15.1)		(11.4)		(12.5)		(9.9)		(9.4)		(12.3)		(10.5)		(39.0)		(32.2)
Less: Net Loss attributable to Noncontrolling Interest	(1.5)		(1.0)		(1.1)		(0.1)		(0.1)		—		—		(3.6)		(0.1)
Adjusted Consolidated Net Operating Income (Loss)1	105.0		91.7		69.7		50.5		(27.8)		(14.2)		(55.7)		266.4		(97.7)
Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(1.8)		(1.0)		2.7		(1.8)		2.3		1.9		1.3		(0.1)		5.5
Net Realized Investment Gains (Losses)	0.9		1.2		5.2		15.6		(22.9)		(12.5)		5.1		7.3		(30.3)
Impairment Losses	(1.7)		(0.1)		(1.2)		(1.0)		(0.8)		(0.8)		1.7		(3.0)		0.1
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(9.1)		(5.1)		(10.1)		(14.4)		(34.3)		(23.3)		(23.0)		(24.3)		(80.6)
Debt Extinguishment, Pension Settlement and Other Charges	(2.2)		2.1		—		—		(55.5)		—		—		(0.1)		(55.5)
Goodwill Impairment Charge	—		—		—		—		—		(45.5)		—		—		(45.5)
Non-Core Operations	(17.4)		(13.4)		5.0		2.5		(7.3)		(2.7)		(9.5)		(25.8)		(19.5)

Net Income (Loss) attributable to Kemper Corporation	$	73.7	$	75.4	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)	$	220.4	$	(323.5)

1Non-GAAP Financial Measure. See pages 29-32 for definition.

Kemper Corporation

Catastrophe Frequency and Severity

(Dollars in Millions)

(Unaudited)


	Three Months Ended September 30, 2024
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	15	$	3.6	15	$	1.2	15	$	10.8	19	$	15.6
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	15	$	3.6	15	$	1.2	15	$	10.8	19	$	15.6


	Three Months Ended September 30, 2023
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	18	$	6.2	12	$	0.5	20	$	14.1	22	$	20.8
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	18	$	6.2	12	$	0.5	20	$	14.1	22	$	20.8

1Current accident year net incurred catastrophe Losses and LAE only.

Kemper Corporation

Catastrophe Frequency and Severity (continued)

(Dollars in Millions)

(Unaudited)


	Nine Months Ended September 30, 2024
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	57	$	18.0	51	$	1.8	57	$	40.1	65	$	59.9
$5 - $10	—	—		—	—		—	—		—	—
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	57	$	18.0	51	$	1.8	57	$	40.1	65	$	59.9


	Nine Months Ended September 30, 2023
	Specialty Property & Casualty Insurance Segment			Life Insurance Segment			Non-Core Operations			Consolidated
	Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE		Number of Events	Losses and LAE
Range of Losses and LAE Per Event1:
Below $5	56	$	26.6	41	$	1.9	61	$	52.3	61	$	74.6
$5 - $10	1	5.4		—	—		—	—		2	11.6
$10 - $15	—	—		—	—		—	—		—	—
$15 - $20	—	—		—	—		—	—		—	—
$20 - $25	—	—		—	—		—	—		—	—
Greater Than $25	—	—		—	—		—	—		—	—
Total	57	$	32.0	41	$	1.9	61	$	52.3	63	$	86.2

1Current accident year net incurred catastrophe Losses and LAE only.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																					Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Sep 30, 2024			Sep 30, 2023
Results of Operations
Net Premiums Written	$	938.0		$	933.9		$	864.6		$	719.7		$	733.0		$	830.6		$	1,022.1		$	2,736.5		$	2,585.7

Total Specialty P&C:
Personal Automobile	$	731.3		$	691.5		$	675.3		$	699.3		$	724.0		$	766.6		$	787.9		2,098.1			2,278.5
Commercial Automobile	187.7			171.1			164.7			166.3			166.4			165.7			156.3			523.5			488.4
Earned Premiums	919.0			862.6			840.0			865.6			890.4			932.3			944.2			$	2,621.6		$	2,766.9
Net Investment Income	52.0			46.6			41.1			42.6			42.7			44.5			38.5			139.7			125.7
Change in Value of Alternative Energy Partnership Investments	0.2			0.3			0.3			0.3			0.5			0.4			0.4			0.8			1.3
Other Income	1.4			1.3			1.1			1.3			1.6			0.7			0.9			3.8			3.2
Total Revenues	972.6			910.8			882.5			909.8			935.2			977.9			984.0			2,765.9			2,897.1
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	644.2			592.8			609.0			673.1			712.1			763.9			825.4			1,846.0			2,301.4
Catastrophe Losses and LAE	3.6			10.3			4.1			2.5			6.2			17.4			8.4			18.0			32.0
Prior Years:
Non-catastrophe Losses and LAE	(0.1)			(0.8)			5.3			(0.2)			78.8			25.0			31.6			4.4			135.4
Catastrophe Losses and LAE	0.2			(0.1)			0.7			0.1			(1.0)			(0.9)			(0.5)			0.8			(2.4)
Total Incurred Losses and LAE	647.9			602.2			619.1			675.5			796.1			805.4			864.9			1,869.2			2,466.4
Insurance Expenses	194.9			180.7			176.9			177.7			182.3			187.5			193.8			552.5			563.6

Segment Adjusted Operating Income (Loss)	129.8			127.9			86.5			56.6			(43.2)			(15.0)			(74.7)			344.2			(132.9)
Income Tax (Expense) Benefit	(26.2)			(25.6)			(17.3)			(11.3)			10.0			4.2			16.3			(69.1)			30.5
Total Segment Adjusted Net Operating Income (Loss)	$	103.6		$	102.3		$	69.2		$	45.3		$	(33.2)		$	(10.8)		$	(58.4)		$	275.1		$	(102.4)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	70.1		%	68.7		%	72.5		%	77.7		%	80.0		%	81.9		%	87.5		%	70.4		%	83.1		%
Current Year Catastrophe Losses and LAE Ratio	0.4			1.2			0.5			0.3			0.7			1.9			0.9			0.7			1.2
Prior Years Non-catastrophe Losses and LAE Ratio	—			(0.1)			0.6			—			8.8			2.7			3.3			0.2			4.9
Prior Years Catastrophe Losses and LAE Ratio	—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Total Incurred Loss and LAE Ratio	70.5			69.8			73.7			78.0			89.4			86.4			91.6			71.3			89.1
Insurance Expense Ratio	21.2			20.9			21.1			20.5			20.5			20.1			20.5			21.1			20.4
Combined Ratio	91.7		%	90.7		%	94.8		%	98.5		%	109.9		%	106.5		%	112.1		%	92.4		%	109.5		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	70.1		%	68.7		%	72.5		%	77.7		%	80.0		%	81.9		%	87.5		%	70.4		%	83.1		%
Insurance Expense Ratio	21.2			20.9			21.1			20.5			20.5			20.1			20.5			21.1			20.4
Underlying Combined Ratio	91.3		%	89.6		%	93.6		%	98.2		%	100.5		%	102.0		%	108.0		%	91.5		%	103.5		%
Non-GAAP Measure Reconciliation
Combined Ratio as Reported	91.7		%	90.7		%	94.8		%	98.5		%	109.9		%	106.5		%	112.1		%	92.4		%	109.5		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.4			1.2			0.5			0.3			0.7			1.9			0.9			0.7			1.2
Prior Years Non-catastrophe Losses and LAE Ratio	—			(0.1)			0.6			—			8.8			2.7			3.3			0.2			4.9
Prior Years Catastrophe Losses and LAE Ratio	—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Underlying Combined Ratio	91.3		%	89.6		%	93.6		%	98.2		%	100.5		%	102.0		%	108.0		%	91.5		%	103.5		%
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Reserves:
Non-Standard Automobile	$	1,605.3	$	1,597.1	$	1,633.1	$	1,711.9	$	1,761.6	$	1,741.4	$	1,805.6
Commercial Automobile	677.5		640.5		618.1		596.8		570.3		530.8		491.4
Insurance Reserves	$	2,282.8	$	2,237.6	$	2,251.2	$	2,308.7	$	2,331.9	$	2,272.2	$	2,297.0
Insurance Reserves:
Loss and Allocated LAE Reserves:
Case and Allocated LAE	$	932.5	$	952.8	$	965.7	$	999.9	$	1,048.0	$	1,061.7	$	1,094.8
Incurred but Not Reported	1,177.5		1,113.1		1,114.8		1,132.8		1,107.7		1,036.7		1,027.0
Total Loss Reserves	2,110.0		2,065.9		2,080.5		2,132.7		2,155.7		2,098.4		2,121.8
Unallocated LAE Reserves	172.8		171.7		170.7		176.0		176.2		173.8		175.2
Insurance Reserves	$	2,282.8	$	2,237.6	$	2,251.2	$	2,308.7	$	2,331.9	$	2,272.2	$	2,297.0

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Personal Automobile Insurance - Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																					Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Sep 30, 2024			Sep 30, 2023
Results of Operations
Net Premiums Written	$	735.1		$	739.5		$	672.5		$	563.8		$	583.9		$	687.4		$	842.4		$	2,147.1		$	2,113.7

Earned Premiums	$	731.3		$	691.5		$	675.3		$	699.3		$	724.0		$	766.6		$	787.9		$	2,098.1		$	2,278.5
Net Investment Income	33.0			30.3			26.9			32.3			32.5			33.8			29.9			90.2			96.2
Change in Value of Alternative Energy Partnership Investments	0.1			0.2			0.2			0.2			0.4			0.3			0.3			0.5			1.0
Other Income	1.4			1.3			1.1			1.3			1.6			0.7			0.9			3.8			3.2
Total Revenues	765.8			723.3			703.5			733.1			758.5			801.4			819.0			2,192.6			2,378.9
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	507.8			471.6			485.7			544.2			583.5			638.7			697.6			1,465.1			1,919.8
Catastrophe Losses and LAE	2.1			7.9			3.5			1.9			5.0			15.0			7.7			13.5			27.7
Prior Years:
Non-catastrophe Losses and LAE	(2.7)			0.6			6.5			(2.2)			71.8			18.0			23.4			4.4			113.2
Catastrophe Losses and LAE	0.1			—			0.6			—			(0.9)			(0.9)			(0.5)			0.7			(2.3)
Total Incurred Losses and LAE	507.3			480.1			496.3			543.9			659.4			670.8			728.2			1,483.7			2,058.4
Insurance Expenses	158.8			148.0			145.6			151.4			155.3			157.1			162.0			452.4			474.4

Adjusted Operating Income (Loss)	99.7			95.2			61.6			37.8			(56.2)			(26.5)			(71.2)			256.5			(153.9)
Income Tax (Expense) Benefit	(20.2)			(19.3)			(12.3)			(7.5)			12.4			6.3			15.5			(51.8)			34.2
Total Product Line Adjusted Net Operating Income (Loss)	$	79.5		$	75.9		$	49.3		$	30.3		$	(43.8)		$	(20.2)		$	(55.7)		$	204.7		$	(119.7)
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	69.5		%	68.2		%	71.9		%	77.8		%	80.6		%	83.3		%	88.5		%	69.9		%	84.2		%
Current Year Catastrophe Losses and LAE Ratio	0.3			1.1			0.5			0.3			0.7			2.0			1.0			0.6			1.2
Prior Years Non-catastrophe Losses and LAE Ratio	(0.4)			0.1			1.0			(0.3)			9.9			2.3			3.0			0.2			5.0
Prior Years Catastrophe Losses and LAE Ratio	—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Total Incurred Loss and LAE Ratio	69.4			69.4			73.5			77.8			91.1			87.5			92.4			70.7			90.3
Insurance Expense Ratio	21.7			21.4			21.6			21.7			21.5			20.5			20.6			21.6			20.8
Combined Ratio	91.1		%	90.8		%	95.1		%	99.5		%	112.6		%	108.0		%	113.0		%	92.3		%	111.1		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	69.5		%	68.2		%	71.9		%	77.8		%	80.6		%	83.3		%	88.5		%	69.9		%	84.2		%
Insurance Expense Ratio	21.7			21.4			21.6			21.7			21.5			20.5			20.6			21.6			20.8
Underlying Combined Ratio	91.2		%	89.6		%	93.5		%	99.5		%	102.1		%	103.8		%	109.1		%	91.5		%	105.0		%
Non-GAAP Measure Reconciliation
Combined Ratio	91.1		%	90.8		%	95.1		%	99.5		%	112.6		%	108.0		%	113.0		%	92.3		%	111.1		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.3			1.1			0.5			0.3			0.7			2.0			1.0			0.6			1.2
Prior Years Non-catastrophe Losses and LAE Ratio	(0.4)			0.1			1.0			(0.3)			9.9			2.3			3.0			0.2			5.0
Prior Years Catastrophe Losses and LAE Ratio	—			—			0.1			—			(0.1)			(0.1)			(0.1)			—			(0.1)
Underlying Combined Ratio	91.2		%	89.6		%	93.5		%	99.5		%	102.1		%	103.8		%	109.1		%	91.5		%	105.0		%
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Specialty Property & Casualty Insurance Segment

Commercial Automobile Insurance - Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended																					Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Sep 30, 2024			Sep 30, 2023
Results of Operations
Net Premiums Written	$	202.9		$	194.4		$	192.1		$	155.9		$	149.1		$	143.2		$	179.7		$	589.4		$	472.0

Earned Premiums	$	187.7		$	171.1		$	164.7		$	166.3		$	166.4		$	165.7		$	156.3		$	523.5		$	488.4
Net Investment Income	19.0			16.3			14.2			10.3			10.2			10.7			8.6			49.5			29.5
Change in Value of Alternative Energy Partnership Investments	0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.3			0.3

Total Revenues	206.8			187.5			179.0			176.7			176.7			176.5			165.0			573.3			518.2
Incurred Losses and LAE related to:
Current Year:
Non-catastrophe Losses and LAE	136.4			121.2			123.3			128.9			128.6			125.2			127.8			380.9			381.6
Catastrophe Losses and LAE	1.5			2.4			0.6			0.6			1.2			2.4			0.7			4.5			4.3
Prior Years:
Non-catastrophe Losses and LAE	2.6			(1.4)			(1.2)			2.0			7.0			7.0			8.2			—			22.2
Catastrophe Losses and LAE	0.1			(0.1)			0.1			0.1			(0.1)			—			—			0.1			(0.1)
Total Incurred Losses and LAE	140.6			122.1			122.8			131.6			136.7			134.6			136.7			385.5			408.0
Insurance Expenses	36.1			32.7			31.3			26.3			27.0			30.4			31.8			100.1			89.2

Adjusted Operating Income (Loss)	30.1			32.7			24.9			18.8			13.0			11.5			(3.5)			87.7			21.0
Income Tax (Expense) Benefit	(6.0)			(6.3)			(5.0)			(3.8)			(2.4)			(2.1)			0.8			(17.3)			(3.7)
Total Product Line Adjusted Net Operating Income (Loss)	$	24.1		$	26.4		$	19.9		$	15.0		$	10.6		$	9.4		$	(2.7)		$	70.4		$	17.3
Ratios Based On Earned Premiums
Current Year Non-catastrophe Losses and LAE Ratio	72.6		%	70.9		%	74.8		%	77.4		%	77.4		%	75.6		%	81.9		%	72.7		%	78.1		%
Current Year Catastrophe Losses and LAE Ratio	0.8			1.4			0.4			0.4			0.7			1.4			0.4			0.9			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	1.4			(0.8)			(0.7)			1.2			4.2			4.2			5.2			—			4.5
Prior Years Catastrophe Losses and LAE Ratio	0.1			(0.1)			0.1			0.1			(0.1)			—			—			—			—
Total Incurred Loss and LAE Ratio	74.9			71.4			74.6			79.1			82.2			81.2			87.5			73.6			83.5
Insurance Expense Ratio	19.2			19.1			19.0			15.8			16.2			18.3			20.3			19.1			18.3
Combined Ratio	94.1		%	90.5		%	93.6		%	94.9		%	98.4		%	99.5		%	107.8		%	92.7		%	101.8		%
Underlying Combined Ratio1
Current Year Non-catastrophe Losses and LAE Ratio	72.6		%	70.9		%	74.8		%	77.4		%	77.4		%	75.6		%	81.9		%	72.7		%	78.1		%
Insurance Expense Ratio	19.2			19.1			19.0			15.8			16.2			18.3			20.3			19.1			18.3
Underlying Combined Ratio	91.8		%	90.0		%	93.8		%	93.2		%	93.6		%	93.9		%	102.2		%	91.8		%	96.4		%
Non-GAAP Measure Reconciliation
Combined Ratio	94.1		%	90.5		%	93.6		%	94.9		%	98.4		%	99.5		%	107.8		%	92.7		%	101.8		%
Less:
Current Year Catastrophe Losses and LAE Ratio	0.8			1.4			0.4			0.4			0.7			1.4			0.4			0.9			0.9
Prior Years Non-catastrophe Losses and LAE Ratio	1.4			(0.8)			(0.7)			1.2			4.2			4.2			5.2			—			4.5
Prior Years Catastrophe Losses and LAE Ratio	0.1			(0.1)			0.1			0.1			(0.1)			—			—			—			—
Underlying Combined Ratio	91.8		%	90.0		%	93.8		%	93.2		%	93.6		%	93.9		%	102.2		%	91.8		%	96.4		%
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio.

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information

(Dollars in Millions)

(Unaudited)


	Three Months Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Results of Operations




Earned Premiums	$	100.6	$	100.8	$	97.3	$	84.0	$	102.1	$	102.2	$	99.3	$	298.7	$	303.6
Net Investment Income	50.3		30.5		44.3		47.1		49.4		47.1		49.8		125.1		146.3
Change in Value of Alternative Energy Partnership Investments	0.2		0.1		0.1		0.1		0.2		0.2		0.2		0.4		0.6
Other Income (Loss)	—		0.1		0.2		0.2		(0.1)		0.1		(0.4)		0.3		(0.4)
Total Revenues	151.1		131.5		141.9		131.4		151.6		149.6		148.9		424.5		450.1
Policyholders’ Benefits and Incurred Losses and LAE	64.1		63.9		63.0		40.5		64.7		68.3		69.9		191.0		202.9
Insurance Expenses	69.0		69.0		64.9		71.0		69.4		71.2		64.2		202.9		204.8

Segment Adjusted Operating Income (Loss)	18.0		(1.4)		14.0		19.9		17.5		10.1		14.8		30.6		42.4
Income Tax (Expense) Benefit	(3.0)		1.2		(2.1)		(4.9)		(2.8)		(1.2)		(1.6)		(3.9)		(5.6)
Total Segment Adjusted Net Operating Income (Loss)	$	15.0	$	(0.2)	$	11.9	$	15.0	$	14.7	$	8.9	$	13.2	$	26.7	$	36.8

Kemper Corporation

Life Insurance Segment

Results of Operations and Selected Financial Information (continued)

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Insurance Reserves:
Future Policyholder Benefits	$	3,380.8	$	3,155.3	$	3,248.8	$	3,375.6	$	3,048.7	$	3,315.2	$	3,346.9
Incurred Losses and LAE Reserves:
Life	40.4		42.1		40.7		42.1		44.6		44.2		48.3
Accident and Health	4.6		4.6		4.7		4.7		4.8		4.4		4.4
Property	3.0		2.6		2.5		2.9		2.7		2.6		2.7
Total Incurred Losses and LAE Reserves	48.0		49.3		47.9		49.7		52.1		51.2		55.4
Insurance Reserves	$	3,428.8	$	3,204.6	$	3,296.7	$	3,425.3	$	3,100.8	$	3,366.4	$	3,402.3

Kemper Corporation

Expenses

(Dollars in Millions)

(Unaudited)


	Three Months Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Insurance Expenses:
Commissions	$	153.2	$	152.0	$	139.9	$	121.2	$	130.8	$	165.3	$	166.9	$	445.1	$	463.0
General Expenses	92.3		84.6		85.3		88.2		85.9		74.5		94.2		262.2		254.6
Premium Taxes	21.9		19.6		19.1		17.7		17.8		20.5		23.6		60.6		61.9
Total Costs Incurred	267.4		256.2		244.3		227.1		234.5		260.3		284.7		767.9		779.5



Net Policy Acquisition Costs (Deferred) Amortized	(13.7)		(12.5)		(4.1)		30.4		24.0		5.3		(15.9)		(30.3)		13.4
Amortization of Valuation of Business Acquired ("VOBA")	0.6		0.6		0.5		0.5		0.5		0.5		0.5		1.7		1.5

Insurance Expenses	$	254.3	$	244.3	$	240.7	$	258.0	$	259.0	$	266.1	$	269.3	$	739.3	$	794.4

Interest and Other Expenses:
Interest Expense	$	14.4	$	13.9	$	14.0	$	13.9	$	14.1	$	14.0	$	14.1	$	42.3	$	42.2
Other Expenses:
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	11.5		6.5		12.8		18.4		43.3		29.5		29.1		30.8		101.9
Pension Settlement	0.1		(2.7)		—		—		70.2		—		—		(2.6)		70.2

Other	38.6		31.6		32.9		25.3		28.4		34.8		34.2		103.1		97.4
Other Expenses	50.2		35.4		45.7		43.7		141.9		64.3		63.3		131.3		269.5
Interest and Other Expenses	64.6		49.3		59.7		57.6		156.0		78.3		77.4		173.6		311.7
Goodwill Impairment	—		—		—		—		—		49.6		—		—		49.6
Total Expenses	$	318.9	$	293.6	$	300.4	$	315.6	$	415.0	$	394.0	$	346.7	$	912.9	$	1,155.7

Kemper Corporation

Details of Investment Performance

(Dollars in Millions)

(Unaudited)


	Three Months Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Net Investment Income
Interest on Fixed Income Securities1,2	$	79.0	$	80.2	$	79.8	$	81.0	$	81.2	$	79.6	$	81.5	$	239.0	$	242.3
Dividends on Equity Securities Excluding Alternative Investments	0.9		0.9		2.8		1.0		1.2		1.2		1.0		4.6		3.4
Alternative Investments:
Equity Method Limited Liability Investments	0.9		(14.7)		(2.1)		2.3		4.3		2.8		1.1		(15.9)		8.2

Limited Liability Investments Included in Equity Securities	9.1		6.2		3.4		4.7		5.4		6.3		2.6		18.7		14.3
Total Alternative Investments	10.0		(8.5)		1.3		7.0		9.7		9.1		3.7		2.8		22.5
Short-term Investments	8.4		7.3		7.3		6.1		6.0		3.6		2.3		23.0		11.9
Loans to Policyholders	5.5		5.1		5.2		5.3		5.1		5.1		5.4		15.8		15.6
Real Estate	2.2		2.2		2.3		2.3		2.3		1.9		2.4		6.7		6.6
Company-Owned Life Insurance	9.7		8.9		7.1		6.6		6.4		7.4		8.8		25.7		22.6
Other	2.2		2.6		2.5		2.8		1.8		5.3		3.0		7.3		10.1
Total Investment Income	117.9		98.7		108.3		112.1		113.7		113.2		108.1		324.9		335.0
Investment Expenses:
Real Estate	1.8		2.1		2.2		2.8		1.7		2.2		2.1		6.1		6.0
Other Investment Expenses1,2	5.0		3.6		5.7		4.7		5.0		4.7		4.2		14.3		13.9
Total Investment Expenses	6.8		5.7		7.9		7.5		6.7		6.9		6.3		20.4		19.9
Net Investment Income	$	111.1	$	93.0	$	100.4	$	104.6	$	107.0	$	106.3	$	101.8	$	304.5	$	315.1
Net Realized Investment Gains (Losses)
Fixed Maturities:
Gains on Sales	$	0.9	$	2.2	$	12.8	$	3.6	$	0.8	$	0.4	$	1.1	$	15.9	$	2.3
Losses on Sales	—		(0.3)		(2.3)		(0.4)		(1.2)		(6.0)		(3.3)		(2.6)		(10.5)
Gains (Losses) on Hedging Activity	—		—		(7.9)		17.8		(29.4)		(8.7)		8.4		(7.9)		(29.7)
Equity Securities:
Gains on Sales	—		—		4.1		—		0.5		0.1		—		4.1		0.6
Losses on Sales	—		—		(0.1)		(1.3)		(1.1)		(0.1)		—		(0.1)		(1.2)






Other Investments:

Gains on Sales	1.8		1.5		—		—		—		—		0.2		3.3		0.2
Losses on Sales	(1.6)		(1.9)		—		—		0.1		(0.1)		—		(3.5)		—

Net Realized Investment Gains (Losses)	$	1.1	$	1.5	$	6.6	$	19.7	$	(30.3)	$	(14.4)	$	6.4	$	9.2	$	(38.3)
Net Impairment Losses Recognized in Earnings
Fixed Maturities	$	(2.0)	$	0.2	$	(1.0)	$	(0.7)	$	(2.0)	$	—	$	2.1	$	(2.8)	$	0.1
Equity Securities	—		—		(0.4)		(0.5)		—		—		—		(0.4)		—
Real Estate	(0.2)		(0.1)		—		—		—		—		—		(0.3)		—
Other	—		(0.2)		(0.1)		—		—		—		—		(0.3)		—
Net Impairment Losses Recognized in Earnings	$	(2.2)	$	(0.1)	$	(1.5)	$	(1.2)	$	(2.0)	$	—	$	2.1	$	(3.8)	$	0.1
1In the first quarter of 2024, the Company changed its presentation of the details of investment performance to report interest expense incurred on Federal Home Loan Bank ("FHLB") borrowings as an offset to interest on fixed income securities since FHLB borrowings are used for spread lending purposes. The interest expense incurred on FHLB borrowings was previously reported within Other Investment Expenses. The prior period amounts presented above have been updated to reflect this change in presentation.
2Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million, $5.4 million, $5.2 million, $5.2 million, $5.3 million, $7.5 million, $4.7 million, for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

Kemper Corporation

Details of Invested Assets

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024				Dec 31, 2023				Dec 31, 2022
	Carrying Value		Percent of Total		Carrying Value		Percent of Total		Carrying Value		Percent of Total
Fixed Maturities Reported at Fair Value:
U.S. Government and Government Agencies and Authorities	$	521.9	5.8	%	$	511.5	5.7	%	$	528.0	6.0	%
States and Political Subdivisions	1,373.7		15.2		1,401.9		15.7		1,568.9		17.8
Foreign Governments	5.1		0.1		3.8		—		4.1		—
Corporate Securities:
Bonds and Notes	3,753.3		41.5		3,690.8		41.4		3,539.4		40.4
Redeemable Preferred Stocks	10.3		0.1		8.3		0.1		8.0		0.1
Collateralized Loan Obligations	796.5		8.8		949.8		10.7		953.9		10.9
Other Mortgage- and Asset-backed	411.2		4.6		315.8		3.5		292.5		3.3
Total Fixed Maturities Reported at Fair Value	6,872.0		76.1		6,881.9		77.1		6,894.8		78.5
Equity Securities Reported at Fair Value:
Preferred Stocks	25.7		0.3		25.5		0.3		39.8		0.5
Common Stocks	2.4		—		1.2		—		2.1		—
Other Equity Interests:
Exchange Traded Funds	11.0		0.1		7.7		0.1		12.2		0.1
Limited Liability Companies and Limited Partnerships	189.2		2.1		191.4		2.1		189.1		2.2
Total Equity Securities Reported at Fair Value	228.3		2.5		225.8		2.5		243.2		2.8

Equity Method Limited Liability Investments	202.6		2.2		221.7		2.5		217.0		2.5
Alternative Energy Partnership Investments	17.4		0.2		17.3		0.2		16.3		0.2

Short-term Investments at Cost which Approximates Fair Value	696.9		7.7		520.9		5.9		278.4		3.2
Company Owned Life Insurance	533.0		5.9		513.5		5.8		586.5		6.7
Loans to Policyholders	280.3		3.1		281.2		3.2		283.4		3.2
Other Investments:
Equity Securities Reported at Modified Cost	22.1		0.3		32.6		0.4		38.4		0.4
Convertible Securities at Fair Value	—		—		—		—		43.3		0.5
Real Estate at Depreciated Cost	103.1		1.1		94.7		1.1		93.6		1.1
Mortgage Loans	80.9		0.9		99.8		1.1		91.1		1.0

Other	0.4		—		14.8		0.2		3.5		—
Total Other Investments	206.5		2.3		241.9		2.8		269.9		3.0
Total Investments	$	9,037.0	100.0	%	$	8,904.2	100.0	%	$	8,789.5	100.0	%

Kemper Corporation

Details of Invested Assets (continued)

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024				Dec 31, 2023				Dec 31, 2022
	Carrying Value		Percent of Total		Carrying Value		Percent of Total		Carrying Value		Percent of Total
S&P Equivalent Rating for Fixed Maturities
AAA, AA, A	$	4,937.0	71.8	%	$	4,962.0	72.1	%	$	4,896.4	71.0	%
BBB	1,622.5		23.6		1,657.3		24.1		1,687.4		24.5
BB, B	257.2		3.8		204.4		3.0		239.7		3.5
CCC or Lower	55.3		0.8		58.2		0.8		71.3		1.0
Total Investments in Fixed Maturities	$	6,872.0	100.0	%	$	6,881.9	100.0	%	$	6,894.8	100.0	%
Duration (in Years)
Total Investments in Fixed Maturities	8.0				8.1				8.2

Kemper Corporation

Investment Concentration

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024				Dec 31, 2023				Dec 31, 2022
Fair Value of Non-governmental Fixed Maturities by Industry	Amount		Percent of Total Investments		Amount		Percent of Total Investments		Amount		Percent of Total Investments
Finance, Insurance and Real Estate	$	2,048.8	22.7	%	$	2,070.5	23.3	%	$	2,007.5	22.8	%
Manufacturing	1,080.9		12.0		1,077.6		12.1		1,085.9		12.4
Transportation, Communication and Utilities	852.4		9.4		807.3		9.1		733.7		8.3
Services	634.0		7.0		639.4		7.2		602.4		6.9
Mining	160.5		1.8		174.3		2.0		173.3		2.0
Retail Trade	137.8		1.5		156.0		1.8		165.1		1.9

Construction	21.6		0.2		4.4		—		11.7		0.1

Other	35.3		0.4		35.2		0.4		14.2		0.2
Total Fair Value of Non-governmental Fixed Maturities	$	4,971.3	55.0	%	$	4,964.7	55.9	%	$	4,793.8	54.6	%


	Sep 30, 2024
Ten Largest Investment Exposures1	Fair Value		Percent of Total Investments
Fixed Maturities:
States including their Political Subdivisions:
California	$	142.6	1.6	%
Texas	114.6		1.3
Michigan	88.7		1.0
New York	73.6		0.8
Georgia	72.0		0.8
Pennsylvania	59.6		0.7
Florida	57.1		0.6
Louisiana	51.5		0.6
Colorado	46.2		0.5

Missouri	40.1		0.4


Total	$	746.0	8.3	%
1Excluding Investments in U.S. Government and Government Agencies and Authorities at September 30, 2024.

Kemper Corporation

Municipal Bond Securities

(Dollars in Millions)

(Unaudited)


	Sep 30, 2024
	State General Obligation		Political Subdivision General Obligation		Revenue		Total Fair Value		Percent of Total Muni Bond		Percent of Total Investments
California	$	8.9	$	133.7	$	—	$	142.6	10.4	%	1.6	%
Texas	10.7		100.3		3.6		114.6		8.3		1.3
Michigan	—		78.3		10.4		88.7		6.5		1.0
New York	12.6		61.0		—		73.6		5.4		0.8
Georgia	2.8		64.7		4.5		72.0		5.2		0.8
Louisiana	4.3		25.4		21.8		51.5		3.8		0.6
Pennsylvania	3.2		56.4		—		59.6		4.3		0.7
Florida	—		57.1		—		57.1		4.2		0.6
Colorado	—		46.2		—		46.2		3.4		0.5
Missouri	1.1		39.0		—		40.1		2.9		0.4
Virginia	—		32.0		6.2		38.2		2.8		0.4
New Mexico	—		33.4		—		33.4		2.4		0.4
Ohio	—		33.4		—		33.4		2.4		0.4
Illinois	0.6		31.5		—		32.1		2.3		0.4
Oregon	2.5		18.4		11.6		32.5		2.4		0.4
Massachusetts	—		25.0		5.3		30.3		2.2		0.3
Minnesota	1.1		26.9		—		28.0		2.0		0.3
Maryland	—		27.2		—		27.2		2.0		0.3
Tennessee	3.2		20.4		—		23.6		1.7		0.3
Oklahoma	—		23.8		—		23.8		1.7		0.3
Washington	1.4		19.3		2.6		23.3		1.7		0.3
Rhode Island	1.6		17.3		—		18.9		1.4		0.2
North Carolina	1.7		17.7		—		19.4		1.4		0.2
Connecticut	—		16.9		2.6		19.5		1.4		0.2
New Hampshire	0.4		18.4		—		18.8		1.4		0.2
District of Columbia	—		16.1		2.7		18.8		1.4		0.2
Mississippi	—		10.9		7.7		18.6		1.4		0.2
Indiana	—		18.1		—		18.1		1.3		0.2
Arizona	—		14.9		—		14.9		1.1		0.2
South Carolina	—		14.2		—		14.2		1.0		0.2
Kentucky	—		13.9		—		13.9		1.0		0.2
North Dakota	—		13.2		—		13.2		1.0		0.1
Alabama	—		13.0		—		13.0		0.9		0.1
Utah	—		12.2		—		12.2		0.9		0.1
Iowa	—		12.0		—		12.0		0.9		0.1
New Jersey	—		10.6		—		10.6		0.8		0.1
Nebraska	—		9.6		—		9.6		0.7		0.1
Montana	—		9.5		—		9.5		0.7		0.1
Hawaii	3.5		2.9		2.7		9.1		0.7		0.1
All Other States	2.5		32.7		2.4		37.6		2.6		0.4
Total	$	62.1	$	1,227.5	$	84.1	$	1,373.7	100.0	%	15.3	%

Kemper Corporation

Investments in Limited Liability

Companies and Limited Partnerships

(Dollars in Millions)

(Unaudited)


	Unfunded Commitment		Reported Value
Asset Class	Sep 30, 2024		Sep 30, 2024		Dec 31, 2023
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt	$	38.6	$	127.9	$	125.4
Senior Debt	36.1		20.2		19.0
Secondary Transactions	1.6		6.0		7.9
Leveraged Buyout	0.6		7.9		8.6
Real Estate	—		27.1		41.9
Distressed Debt	—		5.0		7.9
Growth Equity	—		0.5		1.2
Hedge Fund	—		0.1		0.1
Other	0.1		7.9		9.7
Total Equity Method Limited Liability Investments	77.0		202.6		221.7

Alternative Energy Partnership Investments	—		17.4		17.3

Reported as Other Equity Interests at Fair Value:
Mezzanine Debt	63.4		122.6		124.0
Distressed Debt	15.0		10.9		12.4
Leveraged Buyout	12.9		20.2		19.0
Growth Equity	8.2		6.9		6.4
Senior Debt	6.5		26.0		24.8
Secondary Transactions	1.6		2.5		2.8

Hedge Funds	—		—		1.9
Other	0.2		0.1		0.1
Total Reported as Other Equity Interests at Fair Value	107.8		189.2		191.4

Reported as Other Equity Interests at Modified Cost:

Other	—		1.8		4.8
Total Reported as Other Equity Interests at Modified Cost	—		1.8		4.8



Total Investments in Limited Liability Companies and Limited Partnerships	$	184.8	$	411.0	$	435.2

Kemper Corporation

Definitions of Non-GAAP Financial Measures

The Company believes that investors’ understanding of Kemper’s performance is enhanced by the disclosure of the following non-GAAP financial measures. The methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Adjusted Consolidated Net Operating Income (Loss) is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of:

(i) Change in Fair Value of Equity and Convertible Securities;

(ii) Net Realized Investment Gains (Losses);

(iii) Impairment Losses;

(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;

(v) Debt Extinguishment, Pension Settlement and Other Charges;

(vi) Goodwill Impairment Charges;

(vii) Non-Core Operations; and

(viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations

Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss) for the three and nine months ended September 30, 2024 or 2023.

The Company believes that Adjusted Consolidated Net Operating Income (Loss) provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of the Company’s businesses.

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

A reconciliation of Net Income (Loss) attributable to Kemper Corporation to Adjusted Consolidated Net Operating Income (Loss) is presented below:


	Three Months Ended														Nine Months Ended
Dollars in Millions (Unaudited)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023


Net Income (Loss) attributable to Kemper Corporation	$	73.7	$	75.4	$	71.3	$	51.4	$	(146.3)	$	(97.1)	$	(80.1)	$	220.4	$	(323.5)
Less Net (Loss) Income From:
Change in Fair Value of Equity and Convertible Securities	(1.8)		(1.0)		2.7		(1.8)		2.3		1.9		1.3		(0.1)		5.5
Net Realized Investment Gains (Losses)	0.9		1.2		5.2		15.6		(22.9)		(12.5)		5.1		7.3		(30.3)
Impairment Losses	(1.7)		(0.1)		(1.2)		(1.0)		(0.8)		(0.8)		1.7		(3.0)		0.1
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(9.1)		(5.1)		(10.1)		(14.4)		(34.3)		(23.3)		(23.0)		(24.3)		(80.6)
Debt Extinguishment, Pension Settlement and Other Charges	(2.2)		2.1		—		—		(55.5)		—		—		(0.1)		(55.5)
Goodwill Impairment Charge	—		—		—		—		—		(45.5)		—		—		(45.5)
Non-Core Operations	(17.4)		(13.4)		5.0		2.5		(7.3)		(2.7)		(9.5)		(25.8)		(19.5)

Adjusted Consolidated Net Operating Income (Loss)	$	105.0	$	91.7	$	69.7	$	50.5	$	(27.8)	$	(14.2)	$	(55.7)	$	266.4	$	(97.7)

Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income (Loss) by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share ‐ basic. A reconciliation of Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share- basic to Adjusted Consolidated Net Operating Income (Loss) per Unrestricted Share-basic is presented below:


	Three Months Ended														Nine Months Ended
Dollars in Millions (Unaudited)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Sep 30, 2024		Sep 30, 2023
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share	$	1.15	$	1.17	$	1.11	$	0.80	$	(2.28)	$	(1.52)	$	(1.25)	$	3.43	$	(5.05)
Less Net (Loss) Income per Unrestricted Share From:
Change in Fair Value of Equity and Convertible Securities	(0.02)		(0.02)		0.04		(0.03)		0.04		0.03		0.02		—		0.09
Net Realized Investment Gains (Losses)	0.01		0.02		0.09		0.24		(0.35)		(0.20)		0.08		0.12		(0.47)
Impairment Losses	(0.03)		—		(0.02)		(0.01)		(0.01)		(0.02)		0.03		(0.05)		—
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs	(0.14)		(0.08)		(0.16)		(0.23)		(0.54)		(0.36)		(0.36)		(0.38)		(1.26)
Debt Extinguishment, Pension Settlement and Other Charges	(0.03)		0.03		—		—		(0.87)		—		—		—		(0.87)
Goodwill Impairment Charge	—		—		—		—		—		(0.71)		—		—		(0.71)
Non-Core Operations	(0.27)		(0.21)		0.08		0.04		(0.11)		(0.04)		(0.15)		(0.40)		(0.30)

Adjusted Consolidated Net Operating Income (Loss) per Unrestricted Share	$	1.63	$	1.43	$	1.08	$	0.79	$	(0.44)	$	(0.22)	$	(0.87)	$	4.14	$	(1.53)

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Return on Adjusted Shareholders' Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s net income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders' Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Return on Adjusted Shareholders’ Equity” metric was referred to as “Return on Tangible Shareholders’ Equity” in prior periods.

A reconciliation of Return on Shareholders’ Equity to Return on Adjusted Shareholders' Equity is presented below:


	Three Months Ended																					Nine Months Ended
Dollars in Millions (Unaudited)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Sep 30, 2024			Sep 30, 2023
Numerator:
Annualized Net Income (Loss) attributable to Kemper Corporation	$	294.8		$	301.6		$	285.2		$	205.6		$	(585.2)		$	(388.4)		$	(320.4)		$	293.9		$	(431.3)

Denominator:
Average Shareholders' Equity1	$	2,722.3		$	2,630.5		$	2,547.5		$	2,433.3		$	2,436.8		$	2,579.6		$	2,658.8		$	2,634.9		$	2,547.8

Less: Average Net Unrealized Gains and Losses on Fixed Maturities	570.8			652.2			576.1			716.9			770.3			607.3			645.5			573.5			707.9
Less: Average Change in Discount Rate on Future Life Policyholder Benefits	(275.4)			(315.1)			(216.3)			(286.7)			(303.6)			(174.3)			(197.7)			(245.9)			(250.7)
Less: Average Goodwill	(1,250.7)			(1,250.7)			(1,250.7)			(1,250.7)			(1,250.7)			(1,275.5)			(1,300.3)			(1,250.7)			(1,275.5)
Average Adjusted Shareholders' Equity1	$	1,767.0		$	1,716.9		$	1,656.6		$	1,612.8		$	1,652.8		$	1,737.1		$	1,806.3		$	1,711.8		$	1,729.5

Return on Shareholders' Equity:
Return on Shareholders' Equity	10.8		%	11.5		%	11.2		%	8.4		%	(24.0)		%	(15.1)		%	(12.1)		%	11.2		%	(16.9)		%
Return on Adjusted Shareholders' Equity	16.7		%	17.6		%	17.2		%	12.7		%	(35.4)		%	(22.4)		%	(17.7)		%	17.2		%	(24.9)		%
1Average shareholders' equity and average adjusted shareholders’ equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio.

The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

Kemper Corporation

Definitions of Non-GAAP Financial Measures (continued)

Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Adjusted Book Value Per Share” metric was referred to as “Tangible Book Value Per Share” in prior periods.

A reconciliation of Book Value Per Share to Adjusted Book Value Per Share is presented below:


	As of
Dollars and Shares in Millions Except Per Share Amounts (Unaudited)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Numerator:
Kemper Corporation Shareholders’ Equity	$	2,773.3	$	2,671.2	$	2,589.8	$	2,505.2	$	2,361.3	$	2,512.2	$	2,646.9

Less: Net Unrealized Gains and Losses on Fixed Maturities	455.8		685.9		618.4		533.8		900.1		640.5		574.2
Less: Change in Discount Rate on Future Life Policyholder Benefits	(192.9)		(358.0)		(272.1)		(160.6)		(412.8)		(194.4)		(154.2)
Less: Goodwill	(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,250.7)		(1,300.3)
Adjusted Shareholders' Equity	$	1,785.5	$	1,748.4	$	1,685.4	$	1,627.7	$	1,597.9	$	1,707.6	$	1,766.6

Denominator:
Common Shares Issued and Outstanding	64.044		64.427		64.358		64.112		64.081		64.054		63.982

Book Value Per Share:
Book Value Per Share	$	43.30	$	41.46	$	40.24	$	39.08	$	36.85	$	39.22	$	41.37

Less: Net Unrealized Gains and Losses on Fixed Maturities	7.12		10.65		9.61		8.33		14.05		10.00		8.97
Less: Change in Discount Rate on Future Life Policyholder Benefits	(3.01)		(5.56)		(4.23)		(2.51)		(6.44)		(3.03)		(2.41)
Less: Goodwill	(19.53)		(19.41)		(19.43)		(19.51)		(19.52)		(19.53)		(20.32)
Adjusted Book Value Per Share	$	27.88	$	27.14	$	26.19	$	25.39	$	24.94	$	26.66	$	27.61

Earnings Call Presentation – 3Q 2024 Third Quarter 2024 Earnings October 30, 2024

Earnings Call Presentation – 3Q 2024 Preliminary Matters 2 Cautionary Statements Regarding Forward-Looking Information This presentation may contain or incorporate by reference information that includes or is based on forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Such statements involve known and unknown risks, uncertainties, and other factors, including but not limited to: • changes in the frequency and severity of insurance claims; • claim development and the process of estimating claim reserves; • the impacts of inflation; • changes in interest rate environment; • supply chain disruption; • product demand and pricing; • effects of governmental and regulatory actions; • litigation outcomes and trends; • investment risks; • cybersecurity risks or incidents; • impact of catastrophes; and • other risks and uncertainties detailed in Kemper’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”). Kemper assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this presentation. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures that the company believes are meaningful to investors. Non-GAAP financial measures have been reconciled to the most comparable GAAP financial measure.

Earnings Call Presentation – 3Q 2024 Target top quartile value creation for customers, employees and shareholders Leading Insurer Empowering Specialty and Underserved Markets Enabled by a dynamic, diverse and innovative team who act like owners 3 Distribution Have Limited or Unfocused Competition Require Unique Expertise Sizable Market Delivering appropriate and affordable insurance and financial solutions Specialty auto insurance1 for underserved markets; Latino, Hispanic and urban areas Life insurance2 for low/moderate income customers Market Characteristics Differentiated Capabilities Product SophisticationEase of UseLow-Cost Management Enable Systematic, Sustainable Competitive Advantages (SSCAs) 1 Kemper Auto is equivalent to the Specialty Property & Casualty Insurance Segment 2 Kemper Life is equivalent to the Life Insurance Segment

Earnings Call Presentation – 3Q 2024 Third Quarter 2024 Summary 4 Strong profitable growth continues Continued strong operating performance, notably in Specialty P&C; focus remains on growth • Specialty P&C delivered strong profitability and growth – Underlying Combined Ratio1 of 91.3% – PIF grew 4.5% sequentially; Net Premiums Written grew 28% year-over-year • Life business continued to generate strong return on capital and distributable cash flows • Pre-tax catastrophe losses of ~$16 million; non-core operations (formerly Preferred P&C) was ~$11 million 3rd Quarter Operating Performance Highlights Achieved Return on Equity within target range • ROE of 10.8% and Adjusted ROE1 of 16.7% • Net Income attributable to Kemper Corporation of $73.7 million or $1.14 per diluted share • Adjusted Consolidated Net Operating Income1 of $105.0 million or $1.62 per diluted share • Book Value Per Share increased sequentially by $1.84 to $43.30 – Adjusted Book Value Per Share1 increased sequentially by $0.74 to $27.88 Shareholder Value Creation Further strengthened capital and liquidity positions; enhanced financial flexibility • Parent company liquidity of approximately $1.3 billion • Insurance companies are well capitalized • Expect to retire $450 million of senior notes due February 2025; repurchased $25 million of stock Balance Sheet Strength 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18

Earnings Call Presentation – 3Q 2024 Sep 30, 2024 Jun 30, 2024 Specialty P&C PIF Sequential Quarterly Change 4.5% 4.6% Quarter Ended ($ in millions, except per share amounts) Sep 30, 2024 Sep 30, 2023 Net Income (Loss) Per Diluted Share attributable to Kemper Corporation $1.14 $(2.28) Adj. Consolidated Net Operating Income (Loss) – Per Diluted Share1 $1.62 $(0.44) Book Value – Per Diluted Share $43.30 $36.85 Adjusted Book Value – Per Diluted Share1 $27.88 $24.94 Return on Shareholders’ Equity 10.8% (24.0)% Return on Adjusted Shareholders’ Equity1 16.7% (35.4)% Life Face Value of In-Force YoY Change (0.7)% (0.4)% Specialty P&C Earned Premium YoY Change 3.3% (11.0)% Third Quarter 2024 Financial Summary 5 Produced another quarter of strong financial results 1 Non-GAAP financial measure; please see reconciliation in appendix on pages 13-18 Achieved 11.2% ROE year to date; Specialty P&C PIF grew 4.5% sequentially

Earnings Call Presentation – 3Q 2024 Well-Capitalized Insurance Subsidiaries 6 Continued to strengthen balance sheet and enhance financial flexibility Strong capital and liquidity position; expect to retire $450 million February 2025 debt maturity 17.6% 23.2% 24.1% 30.3% 32.6% 31.5% 2019 2020 2021 2022 2023 3Q'24 Debt-to-Capital 3 Parent Company Liquidity Risk-Based Capital Ratios¹ $660 $700 $704 $918 $683 $766 $207 $733 $234 $418 $465 $504 $867 $1,433 $938 $1,336 $1,148 $1,270 2019 2020 2021 2022 2023 3Q'24 (% ) Debt Cash Flow from Operating Activities ($ in m ill io n s) $534 $448 $351 $(210) $(134) $178 2019 2020 2021 2022 2023 3Q'24 TTM HoldCo Cash & Investments Borrowings Available Under Credit Agreement & from Subs P&C (ex. AACC) Life2 1 3Q’24 Risk-Based Capital Ratios shown are estimates calculated at the Company Action Level from aggregate financials of all separate insurance companies within each segment. NAIC annually reported entity-level RBCs will differ. 2 Excludes business ceded to Kemper Bermuda Ltd. (KBL) | 3 Excludes AOCI: closely aligns with rating agencies and post-LDTI implementation ($ in m ill io n s) 355 340 355 645 465 520 365 330 220 240 275 310 2019 2020 2021 2022 2023 3Q'24

Earnings Call Presentation – 3Q 2024 4.2% 4.2% 4.2% 4.4% 4.4% 0.4% 0.3% 0.1% (0.4)% 0.4% 4.6% 4.5% 4.3% 4.0% 4.8% 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Core Portfolio Alt. Inv. Portfolio (ex. Solar) Diversified Investment Portfolio with Consistent Returns 7 55% 15% 5% 6% 5% 6% 8% Other States/ Munis COLI 72% 23% 4% 1% Diversified and Highly-Rated Portfolio Fixed Maturity Ratings $6.9 Billion A or Higher ≤ CCCB / BB BBB • High-quality portfolio provides consistent net investment income; 72% of fixed income portfolio rated A or higher • 4.6% pre-tax equivalent (PTE) annualized book yield on core portfolio • Average investment grade new money yields approximately 5.8% for the quarter $97 $98 $99 $102 $101 $10 $7 $1 $(9) $10 $107 $105 $100 $93 $111 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Core Portfolio Alternative Inv. Portfolio Net Investment Income1 Highlights Corporates Alternatives U.S Gov’t Portfolio Composition2 PTE Annualized Book Yield Contribution $9.0 Billion Short Term ($ in m ill io n s) 1 Non-Core Operations reflects $13, $13, $12, $13, and $6 million related to Preferred P&C in 3Q’23, 4Q’23, 1Q’24, 2Q’24, and 3Q’24, respectively | 2 Other category includes Equity Securities, which excludes $191 million of Other Equity Interests of LPs/LLCs that have been reclassified into Alternative Investments; COLI represents Company Owned Life Insurance

Earnings Call Presentation – 3Q 2024 Specialty Property & Casualty Insurance Segment 8 Delivered strong margins and sequential quarter PIF growth 100.5 98.2 93.6 89.6 91.3 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Underlying Combined Ratio1 (% ) Highlights • Underlying Combined Ratio of 91.3% – Private Passenger Auto: 91.2% – Commercial Auto: 91.8% • PIF increased 4.5% since 2Q’24 – Customer shopping behavior higher than traditional seasonal patterns – Hard market conditions continue Metrics ($ in millions) 3Q’24 3Q’23 Variance Earned Premiums $919 $890 3.3% Underlying Loss & LAE Ratio1 70.1% 80.0% (9.9) pts Expense Ratio 21.2% 20.5% 0.7 pts Policies In-Force (000s) 1,255 1,334 (5.9)% 3Q’24 2Q’24 PIF– Sequential Quarter Chg 4.5% 4.6% (0.1) pts Sequential Quarter Growth3 Focused on long-term profitable growth 1 Non-GAAP financial measure; see reconciliation in appendix on pages 13-18 2 Represents the cumulative weighted average rate impact of actual filings on the total book 3 Excluding Classic Car 9.2 pts 3Q'24 TTM % of QoQ DWP DWP PIF Growth Private Passenger Auto California 1,695$ 48.9% 4.0% Florida / Texas 767 22.1% 6.7% Other 259 7.5% 2.7% Total PPA 2,721$ 78.5% 4.4% Commercial Auto 746 21.5% 5.5% Total Kemper Auto 3,467$ 100.0% 4.5%

Earnings Call Presentation – 3Q 2024 Life Insurance Segment 9 Business trends remained stable; investment performance drove sequential earnings improvement Underlying business continued to generate strong return on capital and distributable cash flows $102 $99 $97 $101 $101 $49 $47 $44 $30 $50 $151 $146 $141 $131 $151 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 Normalized Revenues2 ($ in millions) Earned Premiums Net Investment Income • Macroeconomic trends continued to pressure low-to-moderate income consumers – Premiums relatively flat to prior-year; lapse performance remained stable • Mortality experience remained in line with expectations • Net Investment Income returned to normal levels; new money rates remain attractive Highlights Metrics ($ in millions, except per policy amounts) 3Q’24 3Q’23 Variance Adjusted Net Operating Income $15 $15 0.0% Face Value of In-Force $19,871 $20,013 (0.7)% Avg. Face Value per Policy $6,438 $6,342 1.5% Avg. Premium per Policy Issued1 $633 $604 4.8% 1 Annual basis | 2 Excludes earned premium impact from annual LDTI actuarial assumption update (4Q'23: -$15 million)

Earnings Call Presentation – 3Q 2024 Key Takeaways 10 Maintaining focus on long-term profitable growth Specialty P&C • Delivered strong operating and financial results – Underlying Combined Ratio of 91.3% – PIF increased 4.5% from 2Q’24 • Expect continued profitable growth Life • Business fundamentals remain stable and continues to generate strong returns on capital Balance Sheet • Expect to retire $450 million of senior notes due February 2025 • Repurchased $25 million of stock; ~$145 million remaining under repurchase program • Strong capital and liquidity position provides financial flexibility

Earnings Call Presentation – 3Q 2024 Appendix 11

Earnings Call Presentation – 3Q 2024 2024 Reinsurance Program 12 Renewed Catastrophe XoL Reinsurance • New policy effective January 1, 2024: ̶ New limit aligned with risk-appetite ̶ New structure improves overall cost of capital for Kemper Catastrophe Excess of Loss Program (XOL): • Program consists of two towers: – 3-year term placed in 2022: $200 million excess $50 million – 1-year term placed in 2024: $190 million excess $50 million – Co-participation: o Layer 1: 15% o Layer 2: 5% • Updated 2024 purchase limit reflects exposure changes, inclusive of the Preferred P&C exit, and model enhancements HighlightsCatastrophe Reinsurance Program 3-Year Term Placed 1/1/22 $100M xs $150M 31.67% Placed 1-Year Term Placed 1/1/24 $90M xs $150M 63.33% Placed Laye r 2 : 5 % co -p articip atio n 3-Year Term Placed 1/1/22 $100M xs $50M 31.67% Placed 1-Year Term Placed 1/1/24 $100M xs $50M 53.33% Placed Laye r 1 : 1 5 % co -p articip atio n Retention 100% of first $50M

Earnings Call Presentation – 3Q 2024 Non-GAAP Financial Measures 13 Adjusted Consolidated Net Operating Income (Loss) is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized Investment Gains (Losses); (iii) Impairment Losses; (iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs; (v) Debt Extinguishment, Pension Settlement and Other Charges; (vi) Goodwill Impairment Charges; (vii) Non-Core Operations; and (viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations. Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss) for the three months ended September 30, 2024 or 2023. The Company believes that Adjusted Consolidated Net Operating Income (Loss) provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) and Impairment Losses related to investments included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company’s investments, the timing of which is unrelated to the insurance underwriting process. Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs may vary significantly between periods and are generally driven by the timing of acquisitions and business decisions which are unrelated to the insurance underwriting process. Debt Extinguishment, Pension Settlement and Other Charges relate to (i) loss from early extinguishment of debt, which is driven by the Company’s financing and refinancing decisions and capital needs, as well as external economic developments such as debt market conditions, the timing of which is unrelated to the insurance underwriting process; (ii) settlement of pension plan obligations which are business decisions made by the Company, the timing of which is unrelated to the underwriting process; and (iii) other charges that are non-standard, not part of the ordinary course of business, and unrelated to the insurance underwriting process. Goodwill Impairment Charges are excluded because they are infrequent and non-recurring charges. Non-Core Operations includes the results of our Preferred Insurance business which we expect to fully exit. These results are excluded because they are irrelevant to our ongoing operations and do not qualify for Discontinued Operations under Generally Accepted Accounting Principles ("GAAP"). Significant non-recurring items are excluded because, by their nature, they are not indicative of the Company’s business or economic trends. The preceding non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the profitability of the Company’s businesses. Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share is a non-GAAP financial measure. It is computed by dividing Adjusted Consolidated Net Operating Income (Loss) by the weighted average unrestricted shares outstanding. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share - basic. The Company believes that Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. Income from change in fair value of equity and convertible securities, net realized investment gains (losses), impairment gains (losses) related to investments, acquisition related transaction, integration and other costs, loss from early extinguishment of debt, and goodwill impairment charges included in the Company’s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the company’s investments, the timing of which is unrelated to the insurance underwriting process.

Earnings Call Presentation – 3Q 2024 Non-GAAP Financial Measures 14 Return on Adjusted Shareholders’ Equity is a calculation that uses a non-GAAP financial measure. It is calculated by dividing the period’s net income attributable to Kemper Corporation by the average shareholders’ equity excluding net unrealized gains and losses on fixed maturities, the change in discount rate on future life policyholder benefits and goodwill. Return on Shareholders’ Equity is the most directly comparable GAAP measure. We use this non-GAAP measure to identify and analyze the change in performance attributable to management efforts between periods. The Company believes this non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Return on Adjusted Shareholders’ Equity” metric was referred to as “Return on Tangible Shareholders’ Equity” in prior periods. Adjusted Book Value Per Share is a calculation that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill by total Common Shares Issued and Outstanding. Book value per share is the most directly comparable GAAP financial measure. The Company uses the trends in book value per share excluding the after-tax impact of net unrealized gains and losses on fixed income securities, the change in discount rate on future life policyholder benefits and goodwill in conjunction with book value per share to identify and analyze the change in net worth excluding goodwill attributable to management efforts between periods. The Company believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are not influenced by management. The Company believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers. The “Adjusted Book Value Per Share” metric was referred to as “Tangible Book Value Per Share” in prior periods. Underlying Combined Ratio is a non-GAAP financial measure. It is computed by adding the Current Year Non-catastrophe Losses and LAE Ratio with the Insurance Expense Ratio. The most directly comparable GAAP financial measure is the Combined Ratio, which is computed by adding Total Incurred Losses and LAE Ratio, including the impact of catastrophe losses and loss and LAE reserve development from prior years, with the Insurance Expense Ratio. The Company believes Underlying Losses and LAE and the Underlying Combined Ratio are useful to investors and uses these financial measures to reveal the trends in the Company’s Property & Casualty Insurance segment that may be obscured by catastrophe losses and prior-year reserve development. These catastrophe losses may cause the Company’s loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on incurred losses and LAE and the Combined Ratio. Prior-year reserve developments are caused by unexpected loss development on historical reserves. Because reserve development relates to the re-estimation of losses from earlier periods, it has no bearing on the performance of the Company’s insurance products in the current period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company’s underwriting performance.

Earnings Call Presentation – 3Q 2024 Non-GAAP Financial Measures 15 Three Months Ended ($ per share) Sep 30, 2024 Sep 30, 2023 Net Income (Loss) attributable to Kemper Corporation Per Unrestricted Share $1.15 $(2.28) Less Net (Loss) Income Per Unrestricted Share From: Change in Fair Value of Equity and Convertible Securities (0.02) 0.04 Net Realized Investment Gains (Losses) 0.01 (0.35) Impairment Losses (0.03) (0.01) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (0.14) (0.54) Debt Extinguishment, Pension Settlement and Other Charges (0.03) (0.87) Non-Core Operations (0.27) (0.11) Adjusted Consolidated Net Operating Income (Loss) Per Unrestricted Share $1.63 $(0.44) Adjusted Consolidated Net Operating Income (Loss) attributable to Kemper Corporation Three Months Ended ($ in millions) Sep 30, 2024 Sep 30, 2023 Net Income (Loss) attributable to Kemper Corporation $73.7 $(146.3) Less Net (Loss) Income From: Change in Fair Value of Equity and Convertible Securities (1.8) 2.3 Net Realized Investment Gains (Losses) 0.9 (22.9) Impairment Losses (1.7) (0.8) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (9.1) (34.3) Debt Extinguishment, Pension Settlement and Other Charges (2.2) (55.5) Non-Core Operations (17.4) (7.3) Adjusted Consolidated Net Operating Income (Loss) $105.0 $(27.8)

Earnings Call Presentation – 3Q 2024 Non-GAAP Financial Measures 16 Return on Adjusted Shareholders’ Equity Three Months Ended ($ in millions) Sep 30, 2024 Sep 30, 2023 Annualized Net Income (Loss) attributable to Kemper Corporation $294.8 $(585.2) Average Shareholders’ Equity1 $2,722.3 $2,436.8 Less: Average Net Unrealized Gains and Losses on Fixed Maturities 570.8 770.3 Less: Average Change in Discount Rate on Future Life Policyholder Benefits (275.4) (303.6) Less: Average Goodwill (1,250.7) (1,250.7) Average Adjusted Shareholders’ Equity1 $1,767.0 $1,652.8 Return on Shareholders’ Equity 10.8% (24.0)% Return on Adjusted Shareholders’ Equity 16.7% (35.4)% 1 Average shareholders' equity and average adjusted shareholders’ equity for the three months ended is the simple average of the beginning and ending balances for the period. Average shareholders’ equity and average Adjusted shareholders’ equity on a year-to-date basis is the (a) the sum of the balance at the beginning of the year and the ending balance for each quarter within that year divided by (b) the number of quarters in the period presented plus one.

Earnings Call Presentation – 3Q 2024 Non-GAAP Financial Measures 17 Adjusted Book Value Per Share As of ($ and shares in millions except per share amounts) Sep 30, 2024 Sep 30, 2023 Kemper Corporation Shareholders’ Equity $2,773.3 $2,361.3 Less: Net Unrealized Gains and Losses on Fixed Maturities 455.8 900.1 Less: Change in Discount Rate on Future Life Policyholder Benefits (192.9) (412.8) Less: Goodwill (1,250.7) (1,250.7) Adjusted Shareholders’ Equity $1,785.5 $1,597.9 Common Shares Issued and Outstanding 64.044 64.081 Book Value Per Share $43.30 $36.85 Less: Net Unrealized Gains and Losses on Fixed Maturities 7.12 14.05 Less: Change in Discount Rate on Future Life Policyholder Benefits (3.01) (6.44) Less: Goodwill (19.53) (19.52) Adjusted Book Value Per Share $27.88 $24.94

Earnings Call Presentation – 3Q 2024 Three Months Ended 3Q’24 2Q’24 1Q’24 4Q'23 3Q'23 Specialty P&C Insurance Combined Ratio as Reported 91.7% 90.7% 94.8% 98.5% 109.9% Current Year Catastrophe Losses and LAE Ratio (0.4) (1.2) (0.5) (0.3) (0.7) Prior Years Non-Catastrophe Losses and LAE Ratio - 0.1 (0.6) - (8.8) Prior Years Catastrophe Losses and LAE Ratio - - (0.1) - 0.1 Underlying Combined Ratio 91.3% 89.6% 93.6% 98.2% 100.5% Personal Auto Insurance Combined Ratio as Reported 91.1% 90.8% 95.1% 99.5% 112.6% Current Year Catastrophe Losses and LAE Ratio (0.3) (1.1) (0.5) (0.3) (0.7) Prior Years Non-Catastrophe Losses and LAE Ratio 0.4 (0.1) (1.0) 0.3 (9.9) Prior Years Catastrophe Losses and LAE Ratio - - (0.1) - 0.1 Underlying Combined Ratio 91.2% 89.6% 93.5% 99.5% 102.1% Commercial Auto Insurance Combined Ratio as Reported 94.1% 90.5% 93.6% 94.9% 98.4% Current Year Catastrophe Losses and LAE Ratio (0.8) (1.4) (0.4) (0.4) (0.7) Prior Years Non-Catastrophe Losses and LAE Ratio (1.4) 0.8 0.7 (1.2) (4.2) Prior Years Catastrophe Losses and LAE Ratio (0.1) 0.1 (0.1) (0.1) 0.1 Underlying Combined Ratio 91.8% 90.0% 93.8% 93.2% 93.6% Non-GAAP Financial Measures 18 Underlying Combined Ratio

Document and Entity Information	Oct. 30, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	Kemper Corporation
Entity Central Index Key	0000860748
Amendment Flag	false
Entity File Number	001-18298
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4255452
Entity Address, Address Line One	200 E. Randolph Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	661-4600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Cover [Abstract]
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	KMPR
Security Exchange Name	NYSE
Entity Listings [Line Items]
Trading Symbol	KMPR
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, par value $0.10 per share
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
Cover [Abstract]
Title of 12(b) Security	5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
Trading Symbol	KMPB
Security Exchange Name	NYSE
Entity Listings [Line Items]
Trading Symbol	KMPB
Security Exchange Name	NYSE
Title of 12(b) Security	5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062